Blast

Arbitrum

Optimism

Gala

<h4><strong>Data from the Web3 security services platform, Immunefi, shows an increase in crypto hacks and scams in Q2-2024. </strong></h4> 
<p>Immunefi <a href="https://immunefi.com/research/" target="_blank" rel="noopener">reports</a> a total of 72 events involving hacks and scams that wiped off $572.7 million from the crypto market.</p> 
<h5><strong>Surge in Crypto Hacks and Scams Reported for Q2-2024</strong></h5> 
<p>Interestingly, the losses reflect a surge of 112% from Q2-2023, when hackers and fraudsters moved $265.5 million. It is also a 70.3% increase from the $336.3 million worth of attacks in Q1-2024. Furthermore, Immunefi estimates that hacks and frauds have wiped over $900 million this year. And that’s a 24% increase over the same period last year.</p> 
<figure id="attachment_144253" aria-describedby="caption-attachment-144253" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-144253 " src="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/Immunefi-report.jpg" alt="" width="503" height="438" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/Immunefi-report.jpg 931w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/Immunefi-report-300x261.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/Immunefi-report-768x669.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/Immunefi-report-482x420.jpg 482w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/Immunefi-report-696x606.jpg 696w" sizes="(max-width: 503px) 100vw, 503px">
 <figcaption id="caption-attachment-144253" class="wp-caption-text">
  Source: <a href="https://x.com/thelordofentry/status/1806403336792678782" target="_blank" rel="noopener">X</a>
 </figcaption>
</figure> 
<h5><strong>Who are the Targets?</strong></h5> 
<p>DeFi protocols accounted for the bulk of the attacks in Q1-2024. However, Q2-2024 mostly targeted centralized exchanges. The <a href="https://immunefi.com/research/" target="_blank" rel="noopener">report</a> states that centralized exchanges lost around $401 million, or 70% of the total, in the quarter. Meanwhile, DeFi protocols lost $171 million, or 30% of the total, in Q2-2024.</p> 
<p>Interestingly, Ethereum and the <a href="https://www.altcoinbuzz.io/?s=bnb+chain" target="_blank" rel="noopener">BNB Chain</a> accounted for 71% of all losses. This makes them the top targets for bad actors. The May 31 private key attack on cryptocurrency exchange DMM was the highest loss in the quarter. The attack stole $305 million worth of bitcoin from the exchange.</p> 
<p><img decoding="async" class="wp-image-144254 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/Immunefi-crypto-losses-numbers.webp" alt="" width="678" height="362" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/Immunefi-crypto-losses-numbers.webp 1117w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/Immunefi-crypto-losses-numbers-300x160.webp 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/Immunefi-crypto-losses-numbers-1024x547.webp 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/Immunefi-crypto-losses-numbers-768x410.webp 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/Immunefi-crypto-losses-numbers-786x420.webp 786w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/Immunefi-crypto-losses-numbers-696x372.webp 696w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/Immunefi-crypto-losses-numbers-1068x571.webp 1068w" sizes="(max-width: 678px) 100vw, 678px"></p> 
<p>A further $55 million was lost as a result of the June 22 BtcTurk breach. According to the report, the combined losses from these two major attacks were above 62% for the quarter. Newer data suggests that Ethereum layer 2s are becoming a familiar site for hackers. Arbitrum was the most targeted of these layer2s. It recorded around four occurrences and 5.5% of the overall losses. Optimism and Blast both had three occurrences.</p> 
<p>At $358.5 million, May had the most monthly losses for the whole second quarter. Out of all the funds stolen in Q2, $28.7 million (or 5%) was retrieved. The retrieved funds involved attacks on YOLO Games, Gala Games, ALEX Labs, and Bloom.</p> 
<h5><strong>More About Immunefi’s Report</strong></h5> 
<p>Immunefi founder Mitchell Amador said that the losses in Q2-2024 were significant. Amador added that the numbers were also a reminder of the need for better security infrastructure for centralized exchanges.</p> 
<p>He said: “This quarter highlights how infrastructure compromises can be the most devastating hacks in crypto, as a single compromise can lead to millions in damages. This was evident during this quarter, where losses surged primarily due to hacks targeting CeFi infrastructure, surpassing DeFi, despite a smaller number of hacks in that sector. Robust measures to safeguard the entirety of the ecosystem are crucial.”</p> 
<p><img decoding="async" class="wp-image-144256 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/Immunefi-crypto-losses-chain.webp" alt="" width="581" height="729" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/06/Immunefi-crypto-losses-chain.webp 630w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/Immunefi-crypto-losses-chain-239x300.webp 239w, https://www.altcoinbuzz.io/wp-content/uploads/2024/06/Immunefi-crypto-losses-chain-335x420.webp 335w" sizes="(max-width: 581px) 100vw, 581px"></p> 
<p>Immunefi operates one of the biggest crypto security communities. It claims to have more than 45,000 researchers helping to prevent losses across the industry.</p> 
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<h5><strong>Disclaimer</strong></h5> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/immunefi-report-crypto-losses-hit-572m-in-q2-2024/">Immunefi Report: Crypto Losses Hit $572M in Q2-2024</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Immunefi Report: Crypto Losses Hit $572M in Q2-2024

Altcoin Buzz

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