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Web3 Hacks in 2024 - Over $200 Million

Web3 Hacks in 2024 - Over $200 Million


Good day everyone,

I hope you are all well and having excellent day, welcome to CryptoGod-1’s blog on all things crypto. In this post I will be looking at a report breaking down the main hacks which have taken place in Web3 during the first two months of 2024.

 

 

Web3 Hacks 2024 - So Far

During the first two months of 2024 there has been over $200 million in hacks throughout the Web3 space. This comes according to the latest report from Immunefi who are a cybersecurity platform protecting over $60 billion in assets. They noted that February 2024 amounted to nearly $70 million of loses.

Titled the ‘Crypto Losses in the February 2024 Report,’ it notes how the Web3 space has lost $200,478,412 to hacks and rug pulls in 2024 year-to-date, with the month of January having seen $133,412,617 lost. These loses took place across 32 specific incidents during the two months. When compared with the same period in 2023 there has been a 15.4% increase, with a total of $173,693,675 for that period. Ethereum was also the most targeted blockchain for hacks and rug pulls over the first two months of 2024.

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The Comms Lead at Immunefi, Jonah Michaels, noted to Cryptonews that so far in 2024 the team has observed “an alarming volume of losses” due to private key and wallet compromises. This represents close to 30% of the total losses YTD, while he also noted:

 

“We expect that 2024 will likely witness the most substantial losses in Web3 ever in terms of volume of funds. We are already seeing an increase of over 15% in losses year-to-date compared with 2023, as anticipated.”

 

During February 2024 the cost of hacks and frauds to Web3 users was $67,065,795 across 12 specific incidents. There has been an almost doubling in value from January 2024, where the loses recorded at the time amounted to $133,412,617. and dropping from 20 incidents. February also consisted of the lowest number of incidents per month since the beginning of 2023.

According to Michaels:

 

“Generally, we have observed an average of 26 key incidents per month, based on our data for 2023. Despite this decrease in incidents, February still saw a considerable volume of losses, with notable exploits resulting in losses of as much as $32 million due to hacking.”

 

In terms of hacks and frauds, it has been hacks which dominated during February 2024. A total of $65,413,795 was lost to hacks across ten specific incidents compared to a loss of $1,652,000 related to fraud across two specific incidents. That makes for 97.54% of the total losses during February gone to hacks. 

Michaels also noted:

 

“As activity and capital inflows increase in the ecosystem, along with a persistent rise in cryptocurrency prices, hacking will remain the primary challenge for the industry. Bad actors are closely monitoring protocols for opportunities to exploit them, from contract vulnerabilities to infrastructure compromises, and other sophisticated vectors.”

 

Decentralised Finance (DeFi) saw major hits during the month, with $67,065,795 in total losses across 12 incidents.  This was mainly due to the high-profile exploits on two specific projects; crypto gaming platform PlayDapp which lost $32,350,000, and decentralised crypto exchange FixedFloat which lost a total of $26,100,000. Centralised Finance (CeFi) meanwhile did not witness a single exploit. 

The most targeted chains during February were Ethereum, BNB, and Bitcoin. Ethereum suffered the most individual attacks, with 12 incidents or 85.71% of the total losses across targeted chains. Bitcoin and BNB Chain witnessed one incident each, representing 7.14%.

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Have a great day.

Peace. CryptoGod-1.

 

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cryptogod-1
cryptogod-1

Writer, designer, creator, and life enthusiast. I love to read and write and enjoy sharing my passion for crypto, sports, literature and everything and anything I can enjoy in life.


CryptoGod-1 : Crypto & Blockchain
CryptoGod-1 : Crypto & Blockchain

Enthusiast here looking to share my ideas, thoughts, analysis, and experience when it comes to all things crypto

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