Cryptocurrency hackers have stolen over $1.2 billion so far in 2024, marking a 15.5% increase compared to the same period in 2023, according to a recent report by cybersecurity platform Immunefi. This uptick in digital asset theft raises serious concerns about the security of the burgeoning crypto industry.
Record-Breaking Losses in 2024
As of August, the crypto industry has suffered a total loss of $1.21 billion across 154 separate exploits. This significant increase from the $1 billion lost during the same timeframe in 2023 suggests that the problem of crypto theft is worsening. Immunefi’s CEO, Mitchell Amador, expressed concern that if current trends continue, hackers could surpass the total amount stolen in the previous year. He stressed the importance of constant vigilance to mitigate these risks.
The report follows a high-profile incident where a hacker stole over $230 million from WazirX, an Indian cryptocurrency exchange, marking the second-largest crypto theft of 2024.
August Sees a Decline in Monthly Hacks
Despite the year-to-date increase, the number of monthly hacks has decreased significantly. In August, hackers made off with over $15 million worth of crypto, a 94% drop from the $274 million stolen in July. Two major incidents accounted for most of the losses: a $9.8 million breach of the Ronin Network and a $1.5 million exploit on Nexera. Both hacks were linked to vulnerabilities introduced during code upgrades, highlighting the critical need for rigorous security measures during software changes.
CeFi Remains the Largest Vulnerability
While decentralized finance (DeFi) was responsible for all the exploits in August, centralized finance (CeFi) continues to be the most significant risk factor in 2024. Amador pointed out that although DeFi sees more frequent breaches, attacks on CeFi infrastructure can result in far greater financial losses. He noted that the absence of CeFi attacks in August does not eliminate the potential for future threats.
Immunefi, a leading on-chain crowdsourced cybersecurity platform, continues to safeguard over $190 billion in user funds, emphasizing the critical role of security in the rapidly evolving crypto landscape.
