Immunefi Crypto Losses October 2024 Report
Analysis
- In total, we have seen a loss of $1,400,073,177 to hacks and rug pulls in 2024 YTD across 179 specific incidents. This represents a 1% decrease compared to the same period in 2023, when losses totaled $1,414,641,935.
- In October 2024, $55,138,600 was lost due to hacks across seven specific incidents, marking the second-lowest loss YTD. This represents a 114% increase from October 2023, when registered losses were $25,706,429, and a 56.6% decrease month-over-month.
- Most of the sum was lost in two specific projects: Radiant Capital, a DeFi lending protocol, which lost $50 million, and Tapioca DAO, a DeFi protocol, which lost $4.4 million.
- In October 2024, DeFi surpassed CeFi, with seven 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 $55,138,600 was lost due to hacks across seven specific incidents. No fraud events were reported in October.
- BNB Chain was the most targeted chain in October 2024, representing 50% of the total losses across targeted chains.
September 2024 vs. October 2024
- September 2024 — $126,940,247
- October 2024 — $55,138,600
Top Losses in October 2024
- Radiant Capital — $50,000,000
- Tapioca DAO — $4,405,600
- P719 — $328,000
- MorphoLabs — $230,000
- Ramses Exchange — $93,000
- HYDT — $58,000
- Fire — $24,000
Hacks vs. Fraud Analysis
In October 2024, hacks continued to be the predominant cause of losses compared to fraud, accounting for 100% of the total losses. There were no reported fraud incidents in October 2024.
Overview
- Hacks — In total, we have seen a loss of $55,138,600 to hacks in October 2024 across seven specific incidents.
- Fraud — No fraud incidents were reported in October 2024.
Hacks vs. Fraud — October 2024: Hacks 100.0%
DeFi vs. CeFi Analysis
In October 2024, DeFi again surpassed CeFi, representing 100% of the total volume of funds lost.
Overview
- DeFi — DeFi suffered $55,138,600 in total losses in October 2024 across seven incidents.
- CeFi — No CeFi incidents were reported in October 2024.
DeFi vs. CeFi — October 2024: DeFi 100%
Losses by Chain
The most targeted chain in October 2024 was BNB Chain.
Overview
- BNB Chain suffered four individual attacks, representing 50% of the total losses across targeted chains. Ethereum and Arbitrum experienced two incidents each, representing 25% of the total, respectively.
Losses by Chain — October 2024
- BNB Chain — 4
- Ethereum — 2
- Arbitrum — 2
In Focus: Crypto Losses YTD
Monthly Overview
In total, the ecosystem has witnessed $1,400,073,177 in losses year-to-date (YTD) across 179 specific incidents. These losses were primarily driven by over $358 million lost in May and over $281 million lost in July. October saw $55 million in losses, marking the second-lowest monthly total losses 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 — $281,919,252
- August — $15,135,000
- September — $126,940,247
- October — $55,138,600
Crypto Losses October 2024 — Summary
Total Losses YTD: $1,400,073,177
In October: $55,138,600
Major Losses
- Radiant Capital — $50M
- Tapioca DAO — $4M
- P719 — $328K
- MorphoLabs — $230K
Hacks vs. Fraud
- Hacks — $55,138,600
- Fraud — $0
DeFi vs. CeFi
- DeFi — $55,138,600
- CeFi — $0
Top Losses by Chain
- BNB Chain — 4
- Ethereum — 2
- Arbitrum — 2
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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.
