๐จ $572,000,000 IN CRYPTO SCAM LOSSES IN Q2 2024 ๐จ
๐ฅ Losses from crypto hacks and scams skyrocketed by 113% in Q2 2024, hitting $572 million compared to $220 million in the same period last year, according to Immunefi.
Centralized Exchanges Hit Hard
๐ฆ The majority of these losses stemmed from centralized exchange hacks. Centralized protocols and exchanges suffered approximately $401 million in losses, which is 70% of the total losses for the quarter.
Major Hacks
๐ The biggest single loss was the $305 million private key hack of the DMM crypto exchange on May 31.
๐ธ Another significant hit was the $55 million hack of BtcTurk on June 22. Together, these two incidents accounted for over 62% of the total losses for the quarter.
Reversing Previous Trends
๐ Before this quarter, losses from hacks and scams had been on a downward trend. Q1 2024 saw a 23% reduction in losses. This decline continued, but losses surged dramatically by the end of May and June.
Decentralized Finance (DeFi) Still Vulnerable
๐ DeFi protocols experienced $171 million in losses, which is a 25% decrease from Q2 2023. Despite the decrease, DeFi remains a significant target.
Top Networks Targeted
๐ Ethereum and BNB Smart Chain continued to be the most targeted networks, making up 71% of total losses.
๐ก Arbitrum emerged as the third most targeted network, suffering four incidents that accounted for 5.5% of total losses. Blast and Optimism each had three incidents.
Successful Recoveries
๐ Some stolen funds were recovered by security researchers. The attacker of the Gala Games protocol returned nearly all the funds. Alex Labs, Bloom, and Yolo Games also managed to recover most of their lost funds, representing 5% of the total amount lost in the quarter.
Do you know someone who became the victim of a crypto scam?
๐ Let me know in the comments below!
Stay updated with @Professor Mende - Founder of BONUZ Project - in Dubai UAE