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Crypto Catastrophe

Crypto Catastrophe: Nearly $600 Million Vanishes in Q2 Hacks and Scams

Samuel Edyme
by Samuel Edyme
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The cryptocurrency space faced a turbulent second quarter, with roughly $572.68 million lost to hacks and scams, marking a significant increase from previous periods.

This loss surge represents a 70.3% rise from the first quarter and an alarming 112% increase year-over-year, illustrating a growing trend in digital asset vulnerability.

Related Reading: Crypto Queen Wanted: US Raises Reward To $5 Million For OneCoin Mastermind

Analyzing Major Incidents And Security Failures

Data from the web3 bug bounty and security services platform Immunefi paints a grim picture of the current state of crypto security, emphasizing the urgent need for enhanced protective measures across the industry.

Notably, centralized finance (CeFi) platforms bore the brunt of these attacks, accounting for 70% of the total losses. This shift indicates a troubling trend as attackers increasingly target these institutions over decentralized finance (DeFi) networks, which were previously more affected.

The largest incidents included a $305 million exploit of the Japanese cryptocurrency trading platform DMM Bitcoin and a $55 million theft from the Turkish crypto exchange BtcTurk.

Major hacks in Q2.
Major hacks in Q2. Source: Immunefi

Furthermore, May emerged as the most challenging month of the quarter, witnessing the highest losses at $358.5 million. Despite these substantial financial damages, there were minor victories, such as the recovery of $28.7 million, which accounted for only 5% of the total stolen in Q2.

These recoveries occurred across four notable exploits: Bloom, ALEX Lab, Gala Games, and YOLO Games. Mitchell Amador, founder and CEO of Immunefi, highlighted the “devastating” impact of infrastructure compromises, noting that such breaches could lead to significant financial losses, especially when CeFi infrastructure is involved.

The predominant loss mode was via hacks, representing 98.5% of the total financial damages across 53 incidents. In contrast, fraud, scams, and rug pulls accounted for a mere 1.5% of the losses but occurred in 19 incidents.

This disparity points to the technical complexity and scale of hacks compared to traditional deceitful practices within the crypto sector.

Targeted Networks And Emerging Threats

Ethereum and BNB Chain were the most targeted networks during the quarter, continuing the trend from Q1. Ethereum experienced the highest number of individual attacks, with 34 incidents accounting for 46.6% of the total losses on chains, followed by BNB Chain with 18 incidents.

Losses by chain.
Losses by chain. | Source: Immunefi

This targeted aggression towards prominent networks highlights the need for ongoing vigilance and enhanced security protocols within these ecosystems.

Related Reading: April Marks A Record Low In Crypto Hacks And Scams: A Sign Of Strengthening Security?

In addition to these direct financial threats, the rise of deep fake technology presents a new frontier in crypto-related scams. Bitget Research has recently projected that losses due to deep fake scams could soar to over $25 billion by 2024.

Have you ever been caught up in a crypto deepfake scam?

Bitget Research just released a report highlighting that Deepfakes may reach 70% of crypto crimes in two years and annual losses caused by crypto deepfakes may reach $25.13 billion by the end of 2024. pic.twitter.com/xnwj7xFLOy

— Bitget (@bitgetglobal) June 27, 2024

These sophisticated schemes often utilize fake projects, phishing attacks, and Ponzi schemes, exploiting deep fake technology to create an illusion of credibility and mislead investors.

The global crypto market on TradingView
The global digital currency market cap value on the 1-day chart. Source: Crypto TOTAL Market Cap on TradingView.com

Featured image created with DALL-E, Chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Samuel Edyme

Samuel Edyme

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Edyme is a writer, a content writer that specialises in writing about the crypto realm. Asides Bitcoinist and NewsBTC, Edyme's writing has been featured in top sites such as Blockchain.News, CoinMonk, Blockchain Reporter, Bitcoin Insider among others.

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