Immunefi a leading community of WhiteHat Hackers and security service provider for the crypto ecosystem in his February monthly magazine has highlighted the loss of $200 Million marked by Hacks and Frauds in the crypto market.The report highlights :-
In total, we have seen a loss of $200,478,412 to hacks and rug pulls in 2024 YTD across 32 specific incidents. This represents a 15.4% increase when compared with the same period in 2023 at $173,693,675.
In February 2024, $67,065,795 was lost due to hacks and fraud across 12 specific incidents. This represents an almost 2x decrease from January 2024, when registered losses were $133,412,617.
Most of the sum was lost in two specific projects: PlayDapp, a crypto gaming platform, which incurred a loss of $32,350,000, and FixedFloat, a decentralized crypto exchange, with a $26,100,000 loss.
In February 2024, DeFi was the main target for exploits, while CeFi did not witness a single major attack.
Hacks continued to be the predominant cause of losses as compared to fraud. A total of $65,413,795 was lost due to hacks across 10 specific incidents. Two fraud events happened in February, totaling $1,652,000.
The report suggested mainly two reasons behind crypto loss one is hacks and other is frauds.The hacks account for 97.54% of the total loss and frauds account for 2.46% of the total loss.This highlights the necessity for the crypto ecosystem to focus on security measures in the decentralized financing (DeFi) because it was the main target of the hackers as CeFi has not recorded a single attack in February.
In February 2024, hackers mostly attacked the Ethereum Blockchain network, out of the 14 attacks 12 attacks was made on ethereum blockchain accounting for 85% of the total losses and 1 each on BNB chain and Bitcoin.
Hence the significant loss of $200 million in the crypto world due to hacks and frauds, as reported by Immunefi, underscores the urgent need for enhanced security measures in the decentralized finance (DeFi) sector. Hacks accounted for the majority, making up 97.54% of the total losses, with DeFi being the primary target in February. The report emphasizes the importance of strengthening security protocols in the crypto ecosystem to mitigate such risks.
To move forward, the crypto community should prioritize continuous improvements in cybersecurity, especially in DeFi projects. Collaborative efforts between platforms and security experts can help identify vulnerabilities and establish robust defense mechanisms. Additionally, education and awareness initiatives can empower users to adopt secure practices, contributing to a more resilient and trustworthy crypto environment. As the crypto space evolves, proactive measures will be crucial to safeguarding assets and maintaining investor confidence.
Also Read :- Will Bitcoin Hit The $200,000 Barrier In The Coming Years?
