Immunefi Crypto Losses July 2024 Report

Analysis

• In total, we have seen a loss of $1,190,379,330 to hacks and rug pulls in 2024 YTD across 149 specific incidents. This represents a 16.3% increase when compared with the same period in 2023 at $1,023,463,722.
• In July 2024, $269,439,252 was lost due to hacks and fraud across 14 specific incidents. This represents a 15.9% decrease from July 2023, when registered losses were $320,498,660, and a 90% increase month-over-month.
• Most of the sum was lost in two specific projects: WazirX, an Indian cryptocurrency exchange, with a loss of $235 million, and LI.FI protocol, a platform to swap and bridge across major blockchains and protocols, which incurred a loss of $10 million.
• In July 2024, CeFi surpassed DeFi with only one case occurring, representing 87% of the total volume of funds lost.
• Hacks continued to be the predominant cause of losses as compared to fraud. A total of $266,481,700 was lost due to hacks across 12 specific incidents. 2 fraud events happened in July, totaling $2,957,552.
• The most targeted chains in July 2024 were Ethereum and BNB Chain, representing 71.4% of the total losses across targeted chains.

Top 10 Losses in July 2024

• WazirX (Safe Multisig wallet) — $235,000,000
• LI.FI protocol — $10,000,000
• Bittensor (Wallet) — $8,000,000
• RHO Markets — $7,600,000
• ETHTrustFund — $2,000,000
• Dough Finance — $1,810,000
• Minterest — $1,400,000
• Monoswap — $1,300,000
• TRUMP (MAGA) — $957,552
• Spectra App — $529,700

Hacks vs. Fraud Analysis

In July 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 1.1% of the total losses in July 2024, while hacks accounted for 98.9%.

Overview

• Hacks — In total, we have seen a loss of $266,481,700 to hacks in July 2024 across 12 specific incidents.
• Fraud — In total, we have seen a loss of $2,957,552 to fraud in July 2024 across 2 specific incidents.

DeFi vs. CeFi Analysis

In July 2024, CeFi again surpassed DeFi, representing 87% of the total volume of funds lost.

Overview

• DeFi — DeFi suffered $34,439,252 in total losses in July 2024 across 13 incidents.
• CeFi — CeFi suffered $235,000,000 in total losses across 1 incident.

CeFi and North Korean Hacking in Focus

• Most of the losses in 2024 are attributed to attacks targeting CeFi infrastructure. Of the $1.19 billion stolen in 2024 YTD, over $636 million is attributed to CeFi.
• North Korean hackers are suspected to be behind the attack on WazirX, which occurred in July 2024. Recently, the DMM Bitcoin hack that happened in May 2024 has been linked to the Lazarus Group, a North Korean hacking group. The group began laundering the funds in July 2024.
• Lazarus consists of an unknown number of individuals and is affiliated with the government of North Korea. The group has been linked to some of the largest cyber attacks within the crypto ecosystem, including those on Atomic Wallet, CoinEx, Alphapo, Stake, and CoinsPaid.

Losses by Chain

The most targeted chains in July 2024 were Ethereum and BNB Chain, representing 71.4% of the total losses across targeted chains.

Overview

• Ethereum suffered the most individual attacks, with 7 incidents, representing 50% of the total losses across targeted chains. BNB Chain experienced 3 incidents, representing 21.4% of the total. Scroll and Base each suffered 1 incident, respectively, representing 7.1% of the total losses.

Crypto Losses July 2024 — Summary

Total Losses YTD: $1,190,379,330

In July: $269,439,252

Hacks vs. Fraud

• Hacks — $266,481,700
• Fraud — $2,957,552

DeFi vs. CeFi

• DeFi — $34,439,252
• CeFi — $235,000,000

Major Losses

• WazirX — $235,000,000
• LI.FI protocol — $10,000,000
• Bittensor (Wallet) — $8,000,000
• RHO Markets — $7,600,000
• ETHTrustFund — $2,000,000

Top Losses by Chain

• Ethereum — 7
• BNB Chain — 3
• Scroll — 1
• Base — 1

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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.