Immunefi, the leading blockchain security firm, has released its Q3 2024 report, revealing that the crypto industry suffered losses totaling $412,994,499 due to hacks and fraud. This figure represents a 40% decrease from the $685,970,444 lost in Q3 2023.
The report highlights that hacks continue to be the primary cause of losses, accounting for 99.25% of the total, or $409,906,947. Fraud, by comparison, resulted in losses of $3,087,552, making up just 0.75% of the quarter’s total.
Centralized Finance (CeFi) platforms bore the brunt of the attacks, accounting for 74.8% of all losses. Two major incidents dominated the quarter:
- WazirX, an Indian crypto exchange, lost $235 million in a July hack.
- BingX, a Singapore-based exchange, suffered a $52 million breach in September.
These two incidents alone represented 69.5% of all Q3 losses.
Crypto Vulnerabilities Persist
Ethereum remained the most targeted blockchain, suffering 15 successful attacks. The BNB Chain followed with 8 incidents, while newer networks like Base, Blast, Solana, and Arbitrum also experienced breaches.
Decentralized Finance (DeFi) projects accounted for 25.2% of the total losses, amounting to $103,994,499 across 31 separate incidents. This marks a significant 79.2% decrease from Q3 2023’s DeFi losses of $500,270,444.
The report notes that $14,900,000 of stolen funds were recovered in Q3, representing 3.6% of the total losses. The Ronin Network, which lost $12 million, managed to recover $10 million.
Despite the significant losses, the overall trend shows a decrease compared to the previous year. The total crypto losses year-to-date stand at $1,333,934,577, down 3.9% from the same period in 2023.
