The cryptocurrency industry saw a 23% decline in losses due to hacking and scams in the first quarter of 2024 compared to 2023, according to a March 28 research report by blockchain security firm Immunefi.

According to the report, the total amount lost to hacking and fraud incidents in Q1 of 2024 amounted to approximately $336.3 million, down from $437.5 million in the same quarter of 2023.

The report identifies 46 hacking incidents and 15 cases of fraudulent activities.

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