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Breaking News: Fed Lowers Rates By 25bps: How Bitcoin And Crypto Prices Responded And What's Next

Crypto Hackers Stole 15.5% More In 2024 Compared To Same Period In 2023: Immunefi Report

Ash Tiwari
by Ash Tiwari
1 year ago
·
Posted in Hacking
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

According to a report by Immunefi, crypto hackers have stolen over $1.2 billion in digital assets from January to August 2024, marking a 15.5% increase compared to the same period in 2023.

Seesawing Trend In 2024 For Crypto Hacks

As the crypto industry matures, malicious actors within the ecosystem are becoming increasingly sophisticated in swindling user funds. The latest report by Immunefi reveals that more than $1.2 billion worth of digital assets were lost to hacks and rug pulls in 2024 year-to-date (YTD) across 154 specific incidents.

Compared to January to August 2023, when the total value of funds lost to hacks and rug pulls was slightly more than $1.04 billion, the industry witnessed a 15.5% surge in funds lost to crypto hacks during the same period in 2024.

Related Reading: Crypto Hack: Cybercriminals Steal Over $3.5 Billion In Crypto In 2022

However, looking at month-over-month (MoM) data reveals that August 2024 experienced the lowest losses YTD, with $15 million lost to hacks and fraud across five specific incidents. Compared to July 2024 which saw over $269 million in stolen user funds, losses in August 2024 are 94.5% down.

It’s worth mentioning that July 2024 included a significant hack of the leading Indian cryptocurrency exchange WazirX, an incident single-handedly responsible for $235 million in stolen funds.

When examining year-over-year (YoY) data, August 2024’s loss was 38% lower compared to August 2023, when the registered losses were slightly over $24.5 million.

August 2024’s losses were primarily driven by security breaches in two specific projects – gaming-focused blockchain project Ronin Network, with a loss of $12 million, and DeFi protocol Nexera, which experienced a loss of $1.5 million in crypto assets. Other affected platforms include VOW, Convergence Finance, and iVest DAO, losing $1.2 million, $210,000, and $172,000, respectively.

Notably, decentralized finance (DeFi) incidents were responsible for 100% of the total volume of funds lost in August 2024, in contrast to losses in July 2024, when the centralized finance (CeFi) platform WazirX fell victim to a hack. Additionally, no frauds were reported in August 2024, indicating that all funds lost during the month were due to hacks.

Stronger Security Measures Are The Need Of The Hour

While recent trends suggest that security measures deployed by industry players may be improving, concerns persist regarding the high volume of user funds stolen across different smart contract platforms with varying security measures. 

For instance, in 2023, Ethereum layer-2 scaling solution Optimism saw one of its DeFi protocols Exactly lose $12 million in user funds. 

Related Reading: DeFi Protocol Dough Finance Exploit Swipes $1.96 Million In User Funds

Most recently, Rho Markets, a DeFi lending protocol powered by another Ethereum layer 2 solution Scroll, had an unsettling experience with gray hat hackers who temporarily extracted digital assets worth $7.6 million before returning them, but with the condition that the protocol states that it was not an exploit or a hack but rather lax security measures on their end.

DeFi chart
DeFi market cap is slightly over $74 billion on daily chart | Source: TOTALDEFIUSD on TradingView.com
Featured Image from Unsplash.com, Chart from TradingView.com
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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