Crypto theft and fraud activity will surge in 2024, resulting in losses of over $200 million in just two months, according to a recent study by blockchain security firm Immunefi. This is a 15.4% increase compared to the same period in 2023.
Goals and Tactics: Understanding the Environment
that much Ethereum Blockchain Attacks on platforms accounted for about 85% of the total value lost in February, making them a prime target for hackers. DeFi protocols suffered the most from these exploits, but centralized financial platforms remained unscathed throughout the month.
In February alone, losses amounted to a staggering $67 million across 12 separate incidents, a significant decrease from the previous month’s total of $133 million.
Key insights into recent hacks
The biggest single loss this year came from a cyberattack on popular cryptocurrency gaming platform PlayDapp, causing $32.3 million in losses. Decentralized exchange FixFloat followed suit, suffering a total of $26.1 million in theft.
Ethereum dominance and new threats
Ethereum suffered the most from the attacks, facing 12 separate incidents that accounted for the majority of its losses in 2024. Binance’s BNB Chain and Bitcoin Network also experienced targeted attacks, albeit on a smaller scale.
Growing concerns about cryptocurrency abuse
The surge in cryptocurrency hacks highlights growing concerns surrounding the industry, particularly DeFi applications. As exploits increase, investors and platform users face higher risks, requiring robust security measures and proactive risk management strategies.
learning from past events
Fast forward to 2023, and cryptocurrency-related hacks and fraud have resulted in a whopping $1.8 billion in losses. infamous North Korea Lazarus Group 17% of these illegal activities occurred alone.
Addressing Growing Threats
2023 saw notable attacks targeting platforms such as Mixin Network, Euler Finance, and Multichain, resulting in losses exceeding hundreds of millions of dollars. These incidents are a stark reminder of the importance of comprehensive security protocols and constant vigilance in protecting digital assets.