Crypto Ecosystem Lost $269M to Hackers in July, 87% Stolen in Single CeFi Hack
In July 2024, the crypto ecosystem lost nearly $269.5 million in 14 specific hacking incidents, according to the latest report by major bug bounty and security services platform Immunefi.
Notably, centralized finance (CeFi) surpassed decentralized finance (DeFi) with a single incident.
Immunefi found that July saw $269,439,252 stolen in fourteen specific hacks and fraud incidents.
This is a 90% increase month-over-month.
Additionally, it’s a 15.9% decrease from July 2023, when registered losses stood at $320,498,660.
The majority of the stolen sum is the result of only two projects.
Indian crypto exchange WazirX lost $235 million in a hack, while LI.FI protocol, a platform to swap and bridge across major blockchains and protocols, lost $10 million in a security breach.
Hacks were still the predominant cause of losses in July. Hackers stole $266,481,700 across 12 incidents.
On the other hand, fraudsters stole $2,957,552 across two incidents.
Therefore, fraud accounted for only 1.1% of the total losses in July, while hacks accounted for 98.9%.
Meanwhile, the report found that the space lost $1,190,379,330 to hacks and rug pulls in 2024 year-to-date (YTD) in 149 specific incidents.
This is a 16.3% increase when compared with the same period in 2023. The sum at the time stood at $1,023,463,722.
Immunefi found that CeFi again surpassed DeFi in July.
DeFi suffered $34,439,252 in total losses in July across eleven incidents.
However, CeFi represented 87% of the total volume of funds lost. It lost 235,000,000 in a single incident.
“Most of the losses in 2024 are attributed to attacks targeting CeFi infrastructure,” the report noted.
Over $636 million of the $1.19 billion stolen in 2024 YTD is attributed to CeFi.
Additionally, the infamous
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