Over $409 Million Lost to Crypto Hacks in Q3 2024, New Immunefi Report Reveals
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An estimated $409 million was stolen by crypto hackers in the third quarter of 2024, Immunefi revealed in a report this week.
The amount reflects ongoing attacks on both centralized and decentralized platforms, with some prominent exchanges and protocols hit particularly hard.
The Immunefi report highlights that over $3 million of the stolen sum was traced to hacks at Singapore-based crypto exchange BingX and Indian crypto exchange WazirX, with these incidents accounting for 69.5% of the quarter’s total losses.
As DeFi continues to grow, with over $87 billion in total value locked, the threat from hackers shows no signs of slowing.
This quarter saw hacks account for 99.25% of total funds lost, while fraud represented just 0.75%. Fraud cases saw a notable decrease year over year, dropping by 86.4%.
This $409 million figure represents a 40% decrease from the same quarter in 2023, which recorded losses of over $685 million to hackers and fraudsters.
Several high-profile attacks in Q3 2024 contributed to the immense losses.
Penipe protocol suffered a $27 million breach, Indodex faced a $22 million loss, Ronin lost $12 million, LI.FI Protocol saw $10 million stolen, and Bittensor experienced an $8 million hack.
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