Crypto Hacks Surgee to $1.2 Billion in 2024, Up 15.5% from Last Year

Cyber-attackers have stolen over $1.2 billion so far in 2024, just eight months into the year. According to the recent Immunefi report, hacks are on the rise, and the trend has increased by 15. 5% compared with 2023. 

The hacks through 154 specific cases, indicating that there are still concerns regarding vulnerabilities in DeFi and CeFi projects and surrounding systems.

Cybercriminals stole more than $15 million in August alone. This figure is a 94% drop from $274 million stolen in July. But based on the data given, even though the losses are month-on-month down, the year-to-date losses are greater than that of the year 2023, thus setting a rather unhealthy tone for the industry.

While it appears that CeFi lost fewer funds, it is still a concern, mainly because more significant losses are possible. Mitchell Amador, founder and CEO of Immunefi, says that infrastructure risks in CeFi can cost extremely high, albeit at a lower rate than in DeFi.

The report also states that while the Ethereum and BNB chain was the prime target of the attacks in August, the threats do not stay confined to only these chains. However, in such kind of setting, safety becomes an issue of concern as the growth of the industry increases. The crypto community needs to stay safe so as not to experience similar gigantic attacks in the forthcoming months.

This increase in theft in cryptocurrencies raises pertinent issues regarding the security of data in the digital economy/ securities as more people invest or participate in cryptosystems. Security organization is one of the main messages that this report gives the readers, especially in the ever-growing world of cryptocurrency.