Crypto losses to hacks and frauds in the second quarter of 2024 are down 112% compared to the same quarter of the previous year, according to new research from the bug bounty platform Immunefi.

Immunefi researchers note that the entire Web3 ecosystem suffered more than $572 million in losses across April, May and June, compared to $265.4 million in 2023 Q2.

A whopping 98.5% of those losses were a result of hacks, buoyed by a $305 million exploit on the Japanese crypto exchange DMM Bitcoin in late May and a $55 million hack on the Turkish exchange BtcTurk.

Frauds, scams and rug pulls were only responsible for around $8.45 million worth of the losses in Q2, an 81% decrease compared to the same quarter in 2023.

Five incidents on centralized finance (CeFi) projects represented 70% of the total stolen proceeds, compared to 62 incidents on decentralized finance (DeFi) protocols, which only represented 30%.

Ethereum (ETH) was the most targeted chain, suffering 34 incidents that accounted for 46.6% of the losses across chains. BNB was second with 18 incidents representing 24.7%.

Immunefi notes that a handful of Ethereum layer-2 projects were also targeted multiple times.

“Arbitrum comes in third with four incidents, representing 5.5% of total losses across chains. Blast and Optimism follow with three incidents each. Remaining chains like Polygon, Solana, Fantom, Linea, Mantle, TON, and others together represent 15% of the total chain incidents, all with single incidents.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Total Crypto Losses to Hacks and Frauds Surpass $572,000,000 in Q2, According to Bug Bounty Platform Immunefi appeared first on The Daily Hodl.

Crypto losses to hacks and frauds in the second quarter of 2024 are down 112% compared to the same quarter of the previous year, according to new research from the bug bounty platform Immunefi.

Immunefi researchers note that the entire Web3 ecosystem suffered more than $572 million in losses across April, May and June, compared to $265.4 million in 2023 Q2.

A whopping 98.5% of those losses were a result of hacks, buoyed by a $305 million exploit on the Japanese crypto exchange DMM Bitcoin in late May and a $55 million hack on the Turkish exchange BtcTurk.

Frauds, scams and rug pulls were only responsible for around $8.45 million worth of the losses in Q2, an 81% decrease compared to the same quarter in 2023.

Five incidents on centralized finance (CeFi) projects represented 70% of the total stolen proceeds, compared to 62 incidents on decentralized finance (DeFi) protocols, which only represented 30%.

Ethereum (ETH) was the most targeted chain, suffering 34 incidents that accounted for 46.6% of the losses across chains. BNB was second with 18 incidents representing 24.7%.

Immunefi notes that a handful of Ethereum layer-2 projects were also targeted multiple times.

“Arbitrum comes in third with four incidents, representing 5.5% of total losses across chains. Blast and Optimism follow with three incidents each. Remaining chains like Polygon, Solana, Fantom, Linea, Mantle, TON, and others together represent 15% of the total chain incidents, all with single incidents.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Total Crypto Losses to Hacks and Frauds Surpass $572,000,000 in Q2, According to Bug Bounty Platform Immunefi appeared first on The Daily Hodl.