Web3 security company Immunefi has released its latest report, highlighting significant losses suffered by crypto projects in the third quarter of 2024 due to hacks and scams.
According to the report, the industry faced $413 million in losses, with 34 incidents recorded. The hardest-hit platforms were crypto exchanges WazirX and BingX, which lost $235 million and $52 million, respectively.
While these figures are substantial, the report shows a decline in overall losses compared to previous quarters. The $413 million lost in Q3 is 28% lower than the $573 million lost in Q2 2024 and 40% lower than the same period last year. In Q3 2023, crypto projects lost $686 million to hackers. Year-to-date, the crypto industry has seen over $1.3 billion in losses, down 4% from 2023.
The report highlights that decentralized finance (DeFi) projects were targeted in 31 of the 34 incidents, yet centralized finance (CeFi) platforms accounted for the majority of funds stolen—74.8% of the total losses ($309 million), compared to 25.2% ($104 million) from DeFi projects.
Mitchell Amador, CEO and founder of Immunefi, emphasized that while DeFi platforms are often targeted more frequently, CeFi platforms tend to suffer more severe financial damage. He pointed to private key management as a major vulnerability for CeFi platforms, calling for stricter policies and emergency prevention plans to mitigate risks.
Immunefi’s data also showed that $14.9 million (3.6% of stolen funds) was recovered from two major incidents involving Ronin Network and ShezmuTech. Ethereum and BNB Chain continued to be the most targeted networks for hackers.
Despite ongoing challenges, the decline in losses reflects improved security measures and technologies being adopted by crypto projects. However, hacking and fraud remain critical issues that the industry must continue to address.
Related news: BingX Exchange Faces Security Breach, Launches $5 Million USDT Airdrop for Users
