According to the latest report by web3 security platform Immunefi, over $1.2 billion has been lost through various hacks and scams in 2024. Despite a significant drop in thefts in August, the overall yearly losses remain alarmingly high, showing a 15.5% increase compared to the same period in 2023.
Crypto losses in 2024
Throughout 2024, the total losses due to various hacks and scams have reached $1.2 billion. This marks a 15.5% increase compared to the same period last year. Despite the remarkable decrease in thefts in August, the total annual losses remain high.
August drop in thefts
In August, there was a 95% decrease in losses compared to July, with only $15.1 million lost compared to $274.7 million the previous month. However, this reduction did not offset the total losses for the year, which have now surpassed $1.2 billion.
Key August incidents
One of the major incidents in August involved an outflow of $12 million through the Ronin Network bridge due to an upgrade bug. This amount was later returned by white hat hackers in exchange for a $500,000 bounty. This incident is particularly noteworthy as the Ronin bridge with Ethereum was previously attacked in March 2022.
Despite the reduction in vulnerabilities and effective security measures, losses in the cryptocurrency sector continue to grow. This underscores the need for further strengthening of protections and continuous monitoring to prevent hacks and scams.
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