March 27, 2024
Latest Cryptocurrency News

Over $200 Million Lost to Crypto Hacks and Rug Pulls in 2024

In a startling revelation, a research report by blockchain security firm Immunefi has disclosed that over $200 million worth of cryptocurrency has been lost to hacks and rug pulls in the year 2024 year-to-date (YTD). The report, released on February 29, highlights the alarming surge in crypto-related incidents, representing a 15.4% increase compared to the same period in 2023 when $173 million was stolen.

The month of February alone witnessed the loss of over $67 million across 12 specific hack and fraud incidents. Interestingly, this marks a nearly 50% decrease from the preceding month of January, which recorded a staggering $133 million worth of stolen crypto.

Among the notable incidents this year, PlayDapp, a crypto gaming platform, suffered the most significant blow, losing $32.3 million during a cyberattack. Decentralized crypto exchange FixedFloat followed closely, incurring the second-largest theft of $26.1 million. Notably, decentralized finance (DeFi) platforms took the brunt of the attacks in February, whereas centralized finance protocols remained unscathed.

Top 10 largest crypto frauds in February 2024. Source: Immunefi

Hacks dominated the landscape, accounting for over $65 million (97.54%) of the stolen funds in February across 10 individual incidents. Meanwhile, the month saw two fraud cases amounting to $1.65 million, constituting 2.46% of the total stolen value.

Ethereum emerged as the most targeted network for hackers in February, experiencing 12 individual attacks and accounting for over 85% of the total value lost so far in 2024. Binance’s BNB Chain and the Bitcoin network also suffered, with one incident each.

The increasing frequency of hacks and exploits in the crypto industry, particularly targeting DeFi applications, has raised concerns. A report from December 28, 2023, revealed that a total of $1.8 billion was lost to crypto hacks and scams in the preceding year. Notably, 17% of these losses were attributed to the North Korean Lazarus Group.

Recalling the incidents of 2023, the peer-to-peer trading platform Mixin Network suffered the most significant attack, resulting in over $200 million in losses. Euler Finance lending platform and Multichain, a cross-chain bridge protocol, also fell victim to major hacks, losing $197 million and $126 million, respectively.

As the cryptocurrency space grapples with security challenges, stakeholders and users alike are urged to remain vigilant, adopt robust security measures, and stay informed about potential threats in this rapidly evolving landscape.

Image by Freepik

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