Immunefi Crypto Losses April 2024 Report

Analysis

• In total, we have seen a loss of $401,326,044 to hacks and rug pulls in 2024 YTD across 84 specific incidents. This represents a 25.1% decrease when compared with the same period in 2023 at $536,093,935.
• In April 2024, $53,074,827 was lost due to hacks and fraud across 21 specific incidents. This represents an almost 46% decrease from April 2023, when registered losses were $98,610,392.
• Most of the sum was lost in two specific projects: Hedgey Finance, an on-chain token infrastructure provider, which incurred a loss of $44.6 million, and Grand Base, a real-world asset tokenization protocol, with a $2 million loss.
• In April 2024, DeFi was the main target for exploits, while CeFi did not witness a single major attack.
• Hacks continued to be the predominant cause of losses as compared to fraud. A total of $50,049,627 was lost due to hacks across 12 specific incidents. 9 fraud events happened in April, totaling $3,025,200.
• The most targeted chains in April 2024 were Ethereum and BNB Chain, representing more than 80% of the total losses across targeted chains.

Top 10 Losses in April 2024

• Hedgey Finance — $44,600,000
• Grand Base — $2,000,000
• Wilder token — $1,400,000
• CondomSOL — $922,000
• Chainge Finance — $716,000
• Fake Masa — $502,000
• Fake OMNI — $398,000
• Fake Oasis AI — $301,600
• Pike Finance — $299,127
• Fake Monad — $266,000

Hacks vs. Fraud Analysis

In April 2024, hacks continued to be the predominant cause of losses as compared to fraud. An analysis of the losses shows that fraud accounted for only 5.7% of the total losses in April 2024, while hacks accounted for 94.3%.

Overview

• Hacks — In total, we have seen a loss of $50,049,627 to hacks in April 2024 across 12 specific incidents.
• Fraud — In total, we have seen a loss of $3,025,200 to fraud in April 2024 across 9 specific incidents.

DeFi vs. CeFi Analysis

In April 2024, DeFi again became the main target for exploits in terms of funds lost, compared to CeFi. This was primarily led by the high-profile attacks on Hedgey Finance, Grand Base, and Wilder token. In contrast, CeFi did not witness a single major exploit.

Overview

• DeFi — DeFi suffered $53,074,827 in total losses in April 2024 across 21 incidents.
• CeFi — CeFi did not suffer from an attack in April 2024.

Losses by Chain

The most targeted chains in April 2024 were Ethereum and BNB Chain.

Overview

• Ethereum suffered the most individual attacks, with 15 incidents representing 57.7% of the total losses across targeted chains. BNB Chain witnessed 6 incidents, representing 23.1% respectively. Arbitrum witnessed 2 incidents, while Solana, Polygon, and Optimism each suffered from 1 incident.

Crypto Losses April 2024 — Summary

Total Losses YTD: $401,326,044

In April: $53,074,827

Hacks vs. Fraud

• Hacks — $50,049,627
• Fraud — $3,025,200

DeFi vs. CeFi

• DeFi — $53,074,827
• CeFi — $0

Major Losses

• Hedgey — $44,600,000
• Grand Base — $2,000,000
• Wilder token — $1,400,000
• CondomSOL — $922,000
• Chainge Finance — $716,000

Top Losses by Chain

• Ethereum — 15
• BNB Chain — 6
• Arbitrum — 2

Download the full report here.

Get the full dataset here.

For questions about this study or Immunefi itself, reach out at press@immunefi.com

About Immunefi

Immunefi is the leading security platform for crypto, protecting more than $180 billion in user funds, and securing protocols across the full development lifecycle, from pre-deployment through production.