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Nidhi Kolhapur
Nidhi Kolhapur
Author
Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.
- Jul 31, 2024 10:29 UTC
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Crypto Under Attack! $1.19 Billion Stolen in Hacks in 2024
Crypto market suffered record losses in 2024, surpassing $1.19 billion due to hacks and scams.
Centralized exchanges (CeFIs) are the primary targets, with WazirX suffering a massive $235 million loss.
Ethereum and BNB Chain are the most targeted blockchains, and the industry is grappling with the aftermath of these attacks.
In 2024, the crypto world has faced severe losses, exceeding $1.19 billion due to hacks and breaches. July was particularly devastating, with $269.4 million lost in just one month. Centralized exchanges were hit the hardest, with WazirX losing $235 million to hackers. Although decentralized finance (DeFi) frauds are less common, platforms like Ethereum and BNB Chain are still frequent targets.
It’s Been a Tough Year for Crypto
A recent report from Immunefi reveals that the crypto market has endured over $1.19 billion in losses from 149 hacks and scams this year. This represents a 16.3% increase compared to the same period in 2023, when losses were $1.02 billion. July was especially destructive, with $269.4 million lost across 14 incidents—90% more than in June. It was the second worst month of the year, following May’s $358 million loss.
The largest attack involved $235 million stolen from WazirX, a major Indian crypto exchange, allegedly by North Korean hackers. This single incident accounted for 87% of July’s total losses.
Centralized vs. Decentralized: The Impact of Hacks
Centralized finance (CeFi) projects have suffered the most, with $636 million (53.4%) lost in just six attacks. In comparison, decentralized finance (DeFi) platforms faced $554 million (46.6%) in losses from 143 incidents. July’s data shows that hacks were primarily responsible for the majority of losses, accounting for 98% of the $266.4 million reported, while fraud, scams, and rug pulls contributed only $3 million.
Top Targets for Hackers
Ethereum and BNB Chain continue to be the main targets for hackers, together making up 71.4% of all on-chain losses in 2024. Ethereum was hit by seven attacks, making it the most targeted chain, while BNB Chain experienced three attacks, representing 21.4% of the total. Scroll Network and Base Network each suffered one contract breach.
Read Also : Alert : Casper Network Became Victim to a Crypto Hack!
With billions lost and investor confidence shaken, the industry is at a crossroads. Are you holding?
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