According to a recent Immunefi report, the crypto industry has faced significant financial setbacks since the beginning of 2024. Losses due to hacks and fraud have exceeded $1.19 billion.
The losses recorded in the first seven months of this year showed a notable 16.3% increase compared to the same period in 2023, when losses amounted to $1.02 billion. These numbers highlight the persistent and growing threat cybercriminals pose to the crypto industry.
CeFi Suffers Most as Crypto Losses Skyrocket in July
In July, Immunefi reported that the crypto sector suffered losses of $269.4 million in 14 separate incidents. This reflects a 90% increase from June, making July the second most damaging month of 2024. The most significant losses were in May, reaching $358 million.
Despite the monthly rise, the year-over-year comparison shows a 15.9% decrease in July losses. The bulk of these recent losses can be attributed to a major hack on the Indian centralized exchange WazirX, which suffered a devastating $235 million loss.
Read more: 15 Most Common Crypto Scams To Look Out For
Centralized finance (CeFi) has borne the brunt of these attacks, surpassing decentralized finance (DeFi) in terms of the total volume of funds lost. In July, CeFi accounted for 87% of the total losses, while DeFi platforms saw $34.4 million in losses spread across 13 incidents.
Furthermore, the report pointed out that hacks remain the predominant cause of these losses, with $266.5 million lost to such incidents in July alone. In comparison, fraud and scams only accounted for 1.1% of the total losses for the month.
Immunefi’s report also sheds light on
Go to Source to See Full Article
Author: Lynn Wang
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
