At the end of the first quarter of 2024, the cryptocurrency industry recorded a total loss of 336.3 million USD from hacking attacks, a decrease of 23.1% compared to the previous quarter.
The cryptocurrency industry lost $336 million due to hacking attacks in the first quarter of 2024
Hacking and cyber attacks continue to be a growing problem in the cryptocurrency industry. In just the first 3 months of 2024, the entire industry lost 336.3 million USD, according to the latest report from Immunefi .
Source: Immunefi
And as "usual", DeFi is the segment that attackers target the most, accounting for a "round" 100% of hacks in the quarter. In previous periods, there were also centralized platforms like CeFi being targeted, but this quarter it was all about DeFi projects.
The explanation for this is that the TVL figure reached nearly 100 billion USD in web3 and DeFi protocols, thus becoming "fertile" Shard in the eyes of attackers.
43% of the quarter's lost value fell on two names: Orbit Bridge and Munchables. As Coin68 reported, "opening the bowl" on New Year's Day was 81.5 million USD of the Orbit Chain bridge, becoming the project with the most loss of the year to date.
Ranked second is the most recent hack, the layer-2 game Munchables Blast with 62.5 million USD. But the good news is that the project team has reached an agreement with the hacker to get back the lost money.
Being able to regain lost property like Munchables is not much. In the first quarter, only 7 hacked projects recovered assets, a total of 73.9 million USD or 22% of total value.
Another good sign is that the number of attacks has decreased by 17.6% over the same period last year, down from 74 cases to 61 cases. In addition, the total loss value has decreased by 23.1% compared to the fourth quarter of 2023.
Immunefi founder and CEO Mitchell Amador commented:
“While it is positive that overall losses have decreased, it should be noted that 100% of losses in Q1 were DeFi projects, showing that this segment still has many major challenges.
In particular, there have been significant losses due to compromised Private Key/Secret Key , demonstrating the critical need to secure both infrastructure and protocols.”
Looking at individual blockchains, Ethereum surpassed BNB Chain as the network with the most losses in the quarter, with 33 incidents – accounting for 51% of total losses. BNB Chain saw 12 attacks, accounting for 22% of lost funds. Next are Arbitrum, Solana, Optimism, Bitcoin, Blast, Polygon, Conflux Network and Base.
Meanwhile, according to previous reports from Immunefi, total losses from industry hacks in 2023 have exceeded 1 billion USD .
Coin68 compiled
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