Immunefi Crypto Losses February 2024 Report
Analysis
- In total, we have seen a loss of $200,478,412 to hacks and rug pulls in 2024 YTD across 32 specific incidents. This represents a 15.4% increase when compared with the same period in 2023 at $173,693,675.
- In February 2024, $67,065,795 was lost due to hacks and fraud across 12 specific incidents. This represents an almost 2x decrease from January 2024, when registered losses were $133,412,617.
- Most of the sum was lost in two specific projects: PlayDapp, a crypto gaming platform, which incurred a loss of $32,350,000, and FixedFloat, a decentralized crypto exchange, with a $26,100,000 loss.
- In February 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 $65,413,795 was lost due to hacks across 10 specific incidents. Two fraud events happened in February, totaling $1,652,000.
- The most targeted chain in February 2024 was Ethereum.
Top 10 Losses in February 2024
PlayDapp $32,350,000;
FixedFloat $26,100,000;
Duelbits $4,600,000;
RiskOnBlast $1,496,000;
Blueberry Protocol* $1,350,000;
Miner $466,000;
xPET $254,000;
DeezNutz_404 $170,000;
The Not Found (404) $156,000;
Rugged Art $70,000
Hacks vs. Fraud Analysis
In February 2024, hacks continued to be the predominant cause of losses as compared to fraud. An analysis of the losses shows that fraud accounts for only 2.46% of the total losses in February 2024, while hacks account for 97.54%.
Overview
- Hacks: In total, we have seen a loss of $65,413,795 to hacks in February 2024 across 10 specific incidents.
- Fraud: In total, we have seen a loss of $1,652,000 to fraud in February 2024 across 2 specific incidents.
DeFi vs. CeFi Analysis
In February 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 PlayDapp, FixedFloat and Duelbits. In contrast, CeFi did not witness a single major exploit.
Overview
- DeFi: DeFi suffered $67,065,795 in total losses in February 2024 across 12 incidents.
- CeFi: CeFi did not suffer from an attack in February 2024.
Losses by Chain
The most targeted chains in February 2024 were Ethereum, BNB Chain, and Bitcoin.
Overview
- Ethereum suffered the most individual attacks, with 12 incidents representing 85.71% of the total losses across targeted chains. Bitcoin and BNB Chain witnessed 1 incident each, representing 7.14% respectively.
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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.
