New Immunefi Report Reveals Over $409 Million in Digital Assets Lost to Crypto Hacks in Q3 2024
Immunefi has revealed that over $409 million in digital assets were lost to crypto hacks in Q3 2024, highlighting the vulnerabilities that are prevalent within the centralized finance (CeFi) and decentralized finance (DeFi) ecosystems.
Crypto Hacks Lead to Massive Losses in Q3 2024
The Immunefi report highlighted that over $300 million in losses were caused by hacks on Singapore-based BingX and its Indian counterpart WazirX, which together accounted for 69.5% of the total losses during the quarter.
While DeFi ecosystems continue to grow rapidlyâwith over $87 billion in total value locked (TVL) on their technology platformsâthere are no signs of a decline in the threat from hackers, with these attacks accounting for 99.25% of total Q3 losses, while fraud represented just 0.75%. Fraud has been declining over the years, decreasing by 86.4%. Total losses of $409 million reflect a 40% decrease compared to the corresponding quarter of 2023, which saw losses of over $685 million due to fraud and hacking incidents.
