Crypto Hack Round-up: Industry Loses $67 Million in February 2024

Published by

Elena R

March 2, 2024

In a major setback for the crypto industry, February 2024 saw a series of unfortunate events, resulting in losses totaling a significant $67 million. Hacks dominated, causing 97.54% of the damage, with the remaining losses attributed to fraud. Despite this, the losses were slightly less than January 2024, indicating potential improvements in security or increased caution among the crypto community.

The biggest rug pull to hit crypto? Let’s dive into the details.

A $200 Million Hit

Immunefi’s February report disclosed a whopping $200 million loss due to hacks and frauds in the crypto market. The worst-hit were PlayDapp, a crypto gaming platform, and FixedFloat, a decentralized exchange, losing $32.35 million and $26.1 million, respectively. Even Duelbits, an online casino with crypto features, wasn’t spared, facing a loss of $4.6 million.

Together, these incidents contributed to $63.05 million of February’s total losses.

Ethereum – A Key Target?

Ethereum emerged as the prime target in February 2024, enduring 12 attacks, while projects on BNB Chain and Bitcoin each faced one. DeFi platforms bore the brunt, constituting 97.54% of total losses, leaving CeFi unscathed.

The crypto industry’s yearly losses hit $200 million, marking a 15.4% increase compared to the same period last year. Notably, certain attacks were omitted from the January and February reports, including incidents on Seneca, LastPass users, the MIM stablecoin, and a $112 million attack on Ripple co-founder Chris Larsen’s wallet. If included, February’s losses would skyrocket to $198.1 million, with year-to-date losses reaching a staggering $398.1 million.

Urgent Call to Action

As DeFi hacks continue to rise, it’s crucial to prioritize crypto security. Collaborative efforts between platforms and experts are essential to identify and fix vulnerabilities.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.