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Crypto Exploit Losses Decrease in 2024’s 1st Quarter, Says Immunefi

According to Immunefi’s report, the centralized finance (CeFi) companies have encountered nearly zero crypto exploit incidents in the first quarter of 2024.

ShahZaib Ahmed

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Crypto Exploit Losses Decrease in 2024’s 1st Quarter, Says Immunefi

The crypto market has been going through huge losses in recent years. However, it has recently witnessed up to a twenty-three percent slump in losses concerning the scams and hacks in 2024’s initial quarter as compared with 2023. Immunefi, a blockchain security platform, published a report disclosing the respective development.

Q1 2024 Sees Decreased Losses Compared with 2023

The cumulative amount that reportedly outflew due to the fraud and hacking during Q1 this year was nearly $336.3M. On the other hand, 2023’s first quarter saw outflows of up to $437.5M in such incidents. The respective report also points toward forty-six hacking events as well as fifteen fraud cases. The Web3 protocols possess a total value locked of more than $100B.

immunefi report

Even then, the hackers are still going after the decentralized finance forums. According to the report of Immunefi, the centralized finance companies have encountered nearly zero such incidents in this quarter. A couple of projects that went through significant losses faced outflows of up to $144.5M. This figure denotes nearly forty-three percent of the total amount of exploits.

Related: Crypto Scams Drained $1.8B in 2023: Immunefi Report

The biggest attack aimed at Orbit Bridge, amounting to almost $81.7M on New Year’s Eve. In addition to this, the 1st month of the year experienced the top monthly losses during the entire quarter. These losses amounted to nearly $133M. Immunefi’s chief executive officer Mitchell Amador also commented on these events.

Attacker Targeting Blast-Based Munchables Surrenders Private Keys

According to the executive, DeFi platforms are very susceptible to such breaches. Amador highlighted a huge requirement for improved security measures in the case of protocol infrastructure and code.

The 2nd-biggest exploit took into account the losses of nearly $62M on Munchables (a non-fungible token game on Blast). Nonetheless, the hacker returned the private keys, and the platform retrieved all the exploited funds.

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