The latest second wave quarterly data of Immunefi report is now published revealing crypto hacks. Immunefi is the second largest bug bounty website, reveals that cryptocurrency-associated fraud attacks have increased by than by 112% in Q2, 2024. This noted increase had led to a loss of $572.7 million, thereby stressing the need to improve the protection of cryptocurrency.
Ethereum Is The Most Targeted Blockchain
The Immunefi Report shows that Ethereum remains to be the most attacked blockchain again. Based on the findings, Ethereum recorded 34 occurrences in Q2 2024 and contributed to 46.6% of the total. The Binance Smart Chain (BNB) came in second with eighteen hacks accounting for a incident ratio of 24.7%. Altogether, these two blockchains accounted for $71% of all lose within the quarter.
CeFi lost 70% of the total value was wiped out while DeFi, which was 30% of those affected lost a significant amount. The report also indicated that the top two breaches of the year partly accounted for 62.8% of the total losses in the second quarter or $360 million.
Mitchell Amador, founder, and CEO of Immunefi said, “This quarter goes to show that infrastructure compromises are the deadliest crypto hacks as the same weakness can generate millions in loss… Strict preventive measures aimed at protecting the whole system should be implemented. ”
Significant Crypto Hacks and Recoveries
Some of the largest hacks that took place in the second quarter of 2024 were as follows, said the report. The biggest hacl was the Japanese crypto exchange DMM Bitcoin whose net lose approximated 4,502.9 Bitcoins that were valued at $305 million on the 31 st of May. The exchange called it an “unauthorized leak of Bitcoin,” but sought to console users by deploying that they wouldn’t lose any of their funds thanks to the firm’s ratio of group companies. Cryptocurrency investigation company Elliptic classified it as the eighth largest hack in the sector.
Other than DMM Bitcoin, Turkish exchange BtcTurk lost $55 million making the list of hack victims to grow. However, there has been some signs of rebounds for some of the firms during the quarter. ALEX Lab which was down to $4.3 million, and, out of the 3 Million people that the company targeted, the firm was able to recover $3.9 million. Likewise, YOLO Games regained an amount of $1.35 million out of the $1.5 million it lost. Quite surprisingly, the hacker that attacked Gala Games seem to have refunded the team for all the 5,913 ETH stolen, which is equivalent to $21 million.
Fraud Incidents Down Year-On-Year
Notably, the Immunefi Report also showed that fraud cases are down by 81% from Q2 2023. Nevertheless, hack incidences have increased by 155% in the same period. Total losses up to this year (YTD) have been estimated at $920.9 million people were affected in the 135 events. May was the worst month in terms of contribution with a sum of $358.5 million to the total, while June stood at $ 141.5 million and the month of January at $133.4 million.
An exploitable event that happened in 2024 but did not feature in the Immunefi list is the ZKasino scam. The group behind the crypto gambling platform sent $33 million in refunds to staking protocol Lido. An on-chain investigation made by Binance led to a 26-year-old suspect, who was arrested by the Netherlands’s Fiscal Information and Investigation Service (FIOD). The FIOD has confiscated more than eleven point one million of United States dollars in cash and valuable items. A luxurious car, 4 million euros of housing, jewelry, and cryptocurrencies relating to the suspect.
Major Takeaway kn Crypto Hacks on Frauds
Immunefi Report’s conclusion points to danger’s increase of crypto hacks and frauds in the crypto sphere, which necessitates enhancing protection. While Ethereum was once again recognized as the most popular target for hackers, Centralized Finance platforms suffered the most losses in hackers’ attacks, which is why users are encouraged to avoid dubious platforms. With the advancement of the crypto ecosystem, now, more than ever before, there must be secure measures that will help in the protection of assets and regain the confidence of users in finance. Keep following Turkishnyradio for latest crypto updates and more.
