Immunefi Crypto Losses Report January 2024
Analysis
- In January 2024, $126,782,617 was lost due to hacks and fraud across 19 specific incidents.
- This represents a 6x increase from January 2023, when registered losses were $21,021,800, and a 2.8x increase from December 2023, which recorded losses of $45,369,855.
- In January 2024, DeFi was the main target for exploits, while CeFi hasn't witnessed a single major attack.
- Hacks continued to be the predominant cause of losses as compared to fraud. In January 2024, a total of $122,709,800 was lost due to hacks across 14 specific incidents.
- The most targeted chains in January 2024 were Ethereum and BNB Chain, representing more than 58% of the total losses.
- Most of that sum was lost in two specific projects: Orbit Bridge, the bridging service of the cross-chain protocol Orbit Chain, incurred a loss of $81,550,000; and Gamee (GMEE token), a blockchain gaming project, suffered an attack that resulted in a $15,000,000 loss.
Top 10 Losses in January 2024
Orbit Bridge $81,550,000;
GMEE $15,000,000;
Coinspaid $7,500,000;
Gamma Strategies $6,200,000;
Radiant Capital $4,500,000;
Socket, Bungee Bridge $3,300,000;
MangoFarm $2,000,000;
Concentric Finance $1,800,000;
Goledo Finance $1,700,000;
Narwhal $1,500,000
Hacks vs. Fraud Analysis
In January 2024, hacks continued to be the predominant cause of losses as compared to fraud, scams, and rug pulls. An analysis of the losses shows that fraud accounts for 3.2% of the total losses in January 2024, while hacks account for 96.8%.
Overview
- Hacks: In total, we have seen a loss of $122,709,800 to hacks in January 2024 across 14 specific incidents.
- Fraud: In total, we have seen a loss of $4,072,817 to fraud in January 2024 across 5 specific incidents.
DeFi vs. CeFi Analysis
In January 2024, DeFi became the main target for exploits in terms of funds lost, compared to CeFi. CeFi hasn't witnessed a single major exploit. This was primarily led by the high-profile attacks on Orbit Bridge, GMEE, Coinspaid and Gamma Strategies.
Overview
- DeFi: DeFi has suffered $126,782,617 in total losses in January 2024 across 19 incidents.
- CeFi: CeFi has not suffered from an attack in January 2024.
Losses by Chain
The most targeted chains in January 2024 were Ethereum and BNB Chain. Ethereum suffered the most individual attacks, with 6 incidents representing 31.6% of the total losses across targeted chains. BNB Chain witnessed 5 incidents, representing 26.3% respectively.
Overview
- Ethereum and BNB Chain represent more than 58% of the chain losses in January 2024, followed by Arbitrum with 3 incidents and Solana with 2 incidents. Polygon, Conflux Network, and Optimism witnessed 1 incident each.
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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.
