Crypto Scams And Hacks Double In Q2 2024

Crypto losses from hacks and scams surged in the second quarter of 2024, more than doubling from the same period the previous year, as reported by blockchain security platform Immunefi.Losses totaled over $572 million in Q2 2024, a significant increase from $220 million in Q2 2023. Centralized exchange hacks were the primary contributors to these losses. Before Q2, losses from hacks and scams had been decreasing, with Immunefi noting a 23% reduction in Q1.This downward trend continued through April and most of May, but the situation worsened dramatically at the end of May and in June.The most significant loss during the quarter was the May 31 private key hack of crypto exchange DMM, resulting in $305 million worth of Bitcoin being stolen. Another major incident was the BtcTurk hack on June 22, which caused $55 million in losses. Combined, these two hacks accounted for over 62% of the total losses for the quarter.Centralized protocols and exchanges experienced approximately $401 million in losses during Q2, making up 70% of the total.

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