- Cryptocurrency losses hit $1.2 billion in 2024, up 15.5%, regardless of a 95% drop in theft in August.
- It targets Ethereum and BNB Chain, with BNB Chain struggling $1.64 billion in losses since 2017.
- Immunefi Aids Safety, Provides $100M+ Bounties and Launches Attackathon for Ethereum.
Evidently the losses within the crypto market are removed from over in 2024. Based on the newest report from web3 safety platform Immunefi, over $1.2 billion has been stolen via varied hacks and scams. Though losses eased in August, the annual common continues to be alarming, displaying a 15.5% enhance in comparison with the identical interval in 2023.
Certainly, August noticed a 95% drop in month-over-month losses, with a lack of simply $15.1 million in comparison with July's $274.7 million. Nevertheless, this discount won’t substitute the whole annual losses, which have now exceeded $1.2 billion.
Among the many August incidents, the biggest concerned the outflow of $12 million to MEV bots from the Ronin Community bridge as a result of an improve error. Nevertheless, this outflow was later returned by white hat hackers in alternate for a $500,000 reward.
What makes this incident stand out is that Ronin's bridge with Ethereum was beforehand hacked in March 2022, leading to over $600 million in losses, the biggest DeFi exploit ever.
The information comes after a hacker stole greater than $230 million from WazirX, an Indian cryptocurrency alternate, over a month in the past. That is the second largest crypto hack of 2024 up to now.
Ethereum and BNB Chain proceed to be the first targets of hackers, accounting for all of the losses reported in August. Ethereum skilled three assaults whereas BNB Chain noticed two incidents.
Regardless of safety measures, BNB Chain has change into a goal of carpet-pulling scams and different unlawful actions. Since its launch in 2017, the BNB chain has seen $1.64 billion in thefts.
Immunefi awarded greater than $100 million to moral hackers and researchers who discovered and reported vulnerabilities in varied protocols. Final month, Immunefi teamed up with the Ethereum Basis to launch the “Attackathon,” a large audit competitors to make the Ethereum community safer.
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