Immunefi Crypto Losses August 2024 Report

Analysis

• In total, we have seen a loss of $1,210,741,330 to hacks and rug pulls in 2024 YTD across 154 specific incidents. This represents a 15.5% increase compared to the same period in 2023, when losses totaled $1,048,044,942.
• In August 2024, $15,082,000 was lost due to hacks and fraud across five specific incidents, marking the lowest loss YTD. This represents a 38% decrease from August 2023, when registered losses were $24,581,220, and a 94.5% decrease month-over-month.
• Most of the sum was lost in two specific projects: Ronin Network, a gaming-focused blockchain, with a loss of $12 million, and Nexera, a DeFi protocol, which incurred a loss of $1.5 million.
• In August 2024, DeFi surpassed CeFi with five cases occurring, representing 100% of the total volume of funds lost.
• Hacks continued to be the predominant cause of losses compared to fraud. A total of $15,082,000 was lost due to hacks across five specific incidents. No fraud events were reported in August.
• The most targeted chains in August 2024 were Ethereum and BNB Chain, representing 100% of the total losses across targeted chains.

Top Losses in August 2024*

• Ronin — $12,000,000
• Nexera — $1,500,000
• VOW — $1,200,000
• Convergence Finance — $210,000
• iVest DAO — $172,000

Hacks vs. Fraud Analysis

In August 2024, hacks continued to be the predominant cause of losses as compared to fraud, accounting for 100% of the total losses. There were no reported fraud incidents in August 2024.

Overview

• Hacks — In total, we have seen a loss of $15,082,000 to hacks in August 2024 across 5 specific incidents.
• Fraud — No fraud incidents were reported in August 2024.

DeFi vs. CeFi Analysis

In August 2024, DeFi again surpassed CeFi, representing 100% of the total volume of funds lost.

Overview

• DeFi — DeFi suffered $15,082,000 in total losses in August 2024 across 5 incidents.
• CeFi — No CeFi incidents were reported in August 2024.

Losses by Chain

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

Overview

• Ethereum suffered 3 individual attacks, representing 60% of the total losses across targeted chains. BNB Chain experienced 2 incidents, representing 40% of the total.

In Focus: Crypto Losses YTD

Monthly Overview

In total, the ecosystem has witnessed $1,210,741,330 in losses year-to-date (YTD) across 154 specific incidents. These losses were primarily driven by over $358 million lost in May and over $274 million lost in July. August saw $15 million in losses, marking the lowest monthly total YTD.

• January — $133,412,617
• February — $79,203,400
• March — $133,235,200
• April — $72,606,827
• May — $358,523,484
• June — $141,558,550
• July — $274,719,252
• August — $15,082,000

Crypto Losses August 2024 — Summary

Total Losses YTD: $1,210,741,330

In August: $15,082,000

Hacks vs. Fraud

• Hacks — $15,082,000
• Fraud — $0

DeFi vs. CeFi

• DeFi — $15,082,000
• CeFi — $0

Major Losses

• Ronin — $12,000,000
• Nexera — $1,500,000
• VOW — $1,200,000
• Convergence Finance — $210,000
• iVest DAO — $172,000

Top Losses by Chain

• Ethereum — 3
• BNB Chain — 2

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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.