Ethereum

Orbit

In the first quarter of the year, the crypto industry lost $336.3 million to hacking, 23.1% less than last year. 
According to the <a href="https://downloads.ctfassets.net/t3wqy70tc3bv/34mVQUo6KAMcKF7rHyRdNM/d6c8710283abad55ec786c56f94eb3d1/Immunefi__Crypto_Losses_in_Q1_2024.pdf" target="_blank" rel="noreferrer noopener">Immunefi report</a>, in the first three months of 2024, crypto projects lost more than $321 million due to 46 hacks and 15 fraudulent incidents. 
Decentralized finance (<a href="https://crypto.news/tag/defi/" target="_blank" rel="noreferrer noopener">defi</a>) is a prime target for <a href="https://crypto.news/tag/hack/" target="_blank" rel="noreferrer noopener">hackers</a>, accounting for 100% of losses in the crypto industry. According to Immunefi CEO Mitchell Amador, defi suffers from frequent compromise of private keys. 
<blockquote class="wp-block-quote"> 
 “Particularly, the ecosystem has witnessed a significant volume of losses due to private key compromises, emphasizing the critical need to secure both code and protocol infrastructure.” <cite>Mitchell Amador, Founder and CEO at Immunefi</cite>
</blockquote> 
The number of hacker attacks in the first quarter of 2024 decreased by 17.5% compared to the same period in 2023. Attackers often exploited the Ethereum (<a href="https://crypto.news/price/Ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>) network, the victim of 33 incidents. The BNB Chain (<a href="https://crypto.news/price/bnb/" target="_blank" rel="noreferrer noopener">BNB</a>) blockchain saw the second-most attacks, having been exploited 14 times. <a href="https://crypto.news/tag/Ethereum/" target="_blank" rel="noreferrer noopener">Ethereum</a> and BNB Chain accounted for over 73% of the lost funds. 
 You might also like: <a href="https://crypto.news/smart-contract-vulnerabilities-in-nfts/"> How safe is your digital asset? Smart contract vulnerabilities in NFTs </a> 
The largest hacks were attacks on the <a href="https://crypto.news/ex-orbit-bridge-employee-accused-of-facilitating-80m-attack/" target="_blank" rel="noreferrer noopener">Orbit Bridge</a> and the <a href="https://crypto.news/munchables-developer-with-ties-to-dprk-steals-then-return-62-5m-from-protocol/" target="_blank" rel="noreferrer noopener">Munchables</a> <a href="https://crypto.news/tag/Web3/" target="_blank" rel="noreferrer noopener">web3</a> gaming platform. Attackers stole over $81 million from Orbit and almost $63 million from Munchables. The pair were followed by <a href="https://crypto.news/playdapp-breach-hack-crypto-290-million/" target="_blank" rel="noreferrer noopener">PlayDapp</a> and <a href="https://crypto.news/fixedfloat-denies-internal-hack-pending-orders/" target="_blank" rel="noreferrer noopener">FixedFloat</a>, which lost $32 million and $26 million, respectively. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="870" src="https://crypto.news/app/uploads/2024/03/Screenshot-2024-03-29-at-18.32.16-1024x870.png" alt="Crypto industry losses to hacking decreased by 23% in Q1 - 9" class="wp-image-14262020">
 <figcaption class="wp-element-caption">
 Source: Immunefi
 </figcaption>
</figure> 
Hacking remains the industry’s most popular method of crypto theft, accounting for 95.6% of total losses, while fraud accounts for only 4.4%. According to analysts, fraud cases have decreased by 22.4% over the past 12 months. 
In 2023, hackers pulled out $19 million from crypto projects, compared to $14 million this year. However, only 22% of the stolen funds were returned this year at $73 million. 
Notably, the centralized finance (<a href="https://crypto.news/tag/cefi/" target="_blank" rel="noreferrer noopener">cefi</a>) sector did not lose anything in the first three months of 2024, while during the same period last year, it lost $1.8 million. 
 You might also like: <a href="https://crypto.news/hacker-mints-cgt-curio/"> Hacker mints 1b CGT tokens worth $40m in Curio ecosystem </a>

Crypto industry losses to hacking decreased by 23% in Q1

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