In the second quarter of 2024, digital assets worth over $572.7 million were lost to hacks and fraud, bringing the total for the year to $920.9 million. Decentralized finance (DeFi) platforms suffered losses of approximately $172.1 million across 63 incidents, a 25% decrease from the $228.48 million lost in Q2 2023.
Fraud and Centralized Finance Impact
According to the latest Immunefi Crypto Losses report, the losses from 72 hacks and fraud were more than double the $265.5 million reported during the same period in 2023. Notably, fraud, scams, and rug pulls accounted for only $8.45 million, or about 1.5% of total losses. Centralized finance (CeFi) platforms faced significant losses, totaling around $401.4 million, or 70% of the total.
Infrastructure Vulnerabilities
Mitchell Amador, CEO of Immunefi, emphasized the vulnerability of both DeFi and CeFi platforms. He noted that infrastructure compromises can lead to substantial damages, with the most significant losses in Q2 resulting from hacks targeting CeFi infrastructure.
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The largest single loss was a $305 million hack on the Japanese crypto exchange DMM Bitcoin. Btcturk experienced a $55 million cyberattack on June 23, making these two incidents responsible for 62.8% of all Q2 losses. The total value of digital assets lost to hacks and fraud in 2024 represents a 24% increase compared to the previous year, with May seeing the highest losses at $358.5 million.
