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- Crypto hackers have stolen around $1.5 billion so far in 2024
- The funds came from 154 exploits
- The amount is 15% higher than what was stolen within the same period in 2023
Crypto hackers aren’t relenting in their quest to steal more funds and have siphoned roughly $1.5 billion so far this year. The amount was drained in 154 exploits and was 15% higher than what was drained within the same period last year. A report by Immunefi disclosed that hackers stole the lowest amount in August at only $15 million which was hacked from the likes of Nexera and Ronin Network, a sign that the amount stolen by the end of 2024 may be upwards of $2 billion.
BNB Chain and Ethereum are the Most Targeted Chains
According to the bug bounty platform, the amount stolen year-to-date includes funds siphoned through rug pulls. Immunefi observed that more funds were lost through hacks compared to fraud.
In August, hackers targeted DeFi projects powered by BNB Chain and Ethereum. Apart from Ronin and Nexera, other projects that lost a significant amount in August include VOW, Convergence Finance, and iVest DAO.
Immunefi, however, noted that the amount stolen month over month declined by 94% in August compared to July this year. The firm added that hackers have stolen more funds from decentralized projects than from centralized platforms.
75% of Hacked Projects Never Recover
The report comes barely a week after the bug bounty platform disclosed that over 75% of hacked crypto projects never recover. Immunefi noted that the prices of crypto tokens of most hacked projects plummeted within six months of the incident.
Apart from hackers, scammers are also increasing their activities with a Chainlysis report showing that they are ditching complex tactics for simple ones like pig butchering. Scammers are also increasingly targeting social media users with an Australian regulator saying that the majority of Facebook crypto ads are scams.
With hackers stealing more funds in 2024 compared to the same period in 2023, the amount is expected to rise towards the end of the year.
