Crypto sector losses from hacks and rug-pulls in Q2 2024 doubled compared to Q2 2023, according to data from the ImmuneFi Report.
The security platform’s analysis reveals that the industry suffered losses of nearly $573 million due to malicious attacks in Q2 2024.
Of the total loss in Q2 2024, a staggering $564,238,811 was lost to attacks across 53 specific incidents, while $8,450,050 was looted via fraud across 19 given incidents. This marks a 112% growth from the previous time frame, when scammers and hackers looted $265,481,519.
The report highlighted that Centralized Finance (CeFi) was the primary target, accounting for 70% of successful attacks. The DeFi market experienced 30% of the hacks. Ethereum and BNB Chain were the most frequently attacked blockchains, with Ethereum suffering 34 incidents and BNB Chain 18. Arbitrum followed with 4 incidents.
DMM Bitcoin, BtcTurk, Hedgey, Lykke, and Gala Games accounted for the top five losses. According to the report, each platform lost $305 million, $55 million, $44 million, and $23.6 million, respectively. DMM Bitcoin, a Japanese-based crypto trading platform, had the largest individual attack for the quarter, contributing 62.8% of the overall losses.
In related developments, Alex Lab, a renowned Bitcoin L2 developer, recently suggested that the $4 million hack it suffered in May might be linked to the notorious North Korean hacking collective Lazarus Group. The attack, which occurred on May 16, targeted Alex Lab’s BNB Smart Chain bridge. The hackers focused on stealing about 13.7 million Stacks (STX) coins, conducting over 11,800 STX transactions before transferring the stolen assets through various DeFi platforms.
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