- Regardless of a 95% drop within the variety of thefts in August, cryptocurrency losses in 2024 reached $1.2 billion, up 15.5%.
- Ethereum and BNB Chain have been focused, with the BNB Chain dropping $1.64 billion since 2017.
- Immunefi has helped with safety, awarded over $100 million in bounties, and launched an Attackathon for Ethereum.
The cryptocurrency market's losses in 2024 are removed from over. In keeping with the newest report from Web3 safety platform Immunefi, greater than $1.2 billion has been stolen by means of varied hacks and scams. Though losses decreased in August, the annual common stays at an alarming stage, displaying a 15.5% enhance in comparison with the identical interval in 2023.
August noticed a 95% drop in losses month-on-month, with losses of simply $15.1 million in comparison with $274.7 million in July, however the drop nonetheless doesn't make up for the full-year complete loss, which now stands at greater than $1.2 billion.
The most important incident in August was when a bug in an improve led to $12 million being stolen from a Ronin Community bridge to an MEV bot, however the cash was later returned by a white hat hacker in change for a $500,000 bounty.
This incident stands out as a result of the Ronin-Ethereum bridge was attacked in March 2022, leading to losses of over $600 million, making it the biggest assault in DeFi historical past.
The report comes on the heels of hackers stealing greater than $230 million from Indian cryptocurrency change WazirX over a month in the past, making it the second-largest crypto hack in 2024 up to now.
Ethereum and the BNB chain stay the first targets of hackers, accounting for all the reported losses in August. Ethereum was attacked 3 times, whereas the BNB chain was attacked twice.
Regardless of the safety measures in place, the BNB Chain has been a goal for rug-pull scams and different unlawful actions. Since its launch in 2017, the BNB Chain has seen thefts of $1.64 billion.
Immunefi has awarded over $100 million in prizes to moral hackers and researchers who discover and report weaknesses in varied protocols. Final month, Immunefi partnered with the Ethereum Basis to launch the Attackathon, a large-scale auditing competitors aimed toward strengthening the safety of the Ethereum community.
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