$409 Million Lost to Crypto Hacks in 2024’s Q3

With barely four days left for September to conclude, one could easily assert that we are gradually nearing the fourth quarter of the year (Q4). In that light, leading on-chain security firm Immunefi has thought it wise to update crypto enthusiasts about crypto-related losses in the almost elapsing 2024 Q3.

According to Immunefi, crypto hackers succeeded in stealing an estimated $409 million in Q3. Notably, investors forfeited an additional $3 million via several fraudulent schemes. Meanwhile, relative to 2023’s Q3 losses, 2024 saw a 40% decline, underscoring the possibility of stricter security measures.

On the contrary, the recovery rate from stolen funds was better in last year's Q3. While users recovered 9.8% of stolen funds in 2023's Q3, this year witnessed only 3.6% recovery. For context, last year’s Q3 welcomed approximately $685,970,444 in losses. In this year’s Q3, July and September experienced the highest losses. They encountered losses of about $281,919,252 and $115,940,247, respectively.

Top Targets for Crypto Hacks in Q3

Per Immunefi’s report, the top targets for hackers in this year's Q3 were WazirX and BingX. Other notable mentions that forfeited amounts less than $30 million include Penpie, Ronin, Delta Prime, Bittensor, RHO Markets, Casper Network, and LI.FI protocol.

India's largest exchange, WazirX, forfeited approximately $235 million after hackers infiltrated its private keys on July 18, 2024. On its part, the Singapore-based trading platform BingX recently became the victim of malicious actors who compromised the exchange’s hot wallets. BingX scam perpetrators launched the attack on the trading platform on September 20, 2024, carting away $52 million.

DeFi Platforms are Gradually Becoming Targets for Hackers

In 2024’s Q3, Centralised Finance (CeFi) outlets contributed 75% of the incurred losses from only three incidents. On the other hand, Decentralized Finance (DeFi) platforms contributed only 25%. However, they have witnessed about 31 cyber intrusions.

Explaining the above trend, Mitchell Amador, the Founder and CEO at Immunefi, stated: “In CeFi, the biggest infrastructural issue is private key management, which is essential to maintaining the self-custody of crypto assets but is not typically subject to security audits. It requires rigorous key management policies, practices, and emergency plans.”

Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence before making any trading or investment decisions.

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