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Immunefi, a Web3 security and bug bounty platform, recently revealed that crypto losses due to crypto hacks and scams significantly reduced in the third quarter of 2024. A notable loss of $413 million was recorded during the third quarter.
This reduction marks a notable improvement compared to previous quarters. It reflects potential advancements in security measures and underscores an increase in investors’ awareness of the risks associated with the crypto market.
Crypto Scams Declines by 40%
The blockchain security firm shared that the decrease in losses seen in the third quarter of this year is quite significant. Looking back at Q3 2023, where hackers stole $686 million, this year’s losses represent a 40% decrease. Notably, in the first quarter of the year, the crypto space recorded a 23% decline in losses compared to last year’s first quarter.
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Overall, even though more than $1.3 billion has been stolen year-to-date, the data from Immunefi shows a 4% decrease compared to last year. This indicates some progress in addressing security vulnerabilities in the crypto industry.
Despite declining losses, the cryptocurrency space remains vulnerable to cyber threats. This highlights the importance of continued vigilance and robust security protocols for platforms and users. The data also emphasizes the need for ongoing education about safe practices in the rapidly evolving digital asset landscape.
WazirX and BingX Heads the Majority Q3 Loss
Immunefi research revealed that in Q3, hacks remained the primary reason for losses. It comprised 99.3% ($409.9 million) across 31 incidents. Meanwhile, fraud, scams, and rug pull only cost 0.7% ($3.1 million) over three specific incidents.
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It was noted that most of the losses stemmed from only two hacks. This totals $287 million, which is about 69.5% of the overall losses. The first major attack was a $234.9 million hack on the Indian crypto platform WazirX in July. Following that, $52 million was recently taken from the Singaporean exchange BingX.
DeFi Hacks Still on the Rise
DeFi has become a prime target for cybercriminals, with around $90 billion locked in different Web3 protocols. According to the latest report by Immunefi, 31 out of 34 hacking incidents in Q3 were directed at DeFi platforms.
Despite the frequency of these attacks, CeFi encountered more significant financial losses. CeFi accounted for a substantial 74.8% of the total losses, approximately $309 million.
This was compared to DeFi’s 25.2%, about $104 million. In addition, Ethereum and BNB Chain remained top targets in Q3, similar to Q2. Ethereum faced the most attacks, accounting for 15 incidents and 44.1% of the losses on targeted chains. BNB Chain had eight incidents, representing 23.5%. Other incidents involved Base, Blast, Solana, and Arbitrum.
