📰 Table Of Contents
Overview of Web3 Hacks and Losses in February 2024
In the first two months of 2024, hacks across the Web3 space cost over $200 million, according to the latest report by Immunefi, the blockchain cybersecurity platform. In February alone, the losses amounted to nearly $70 million.
Key Findings from the Report
- Web3 has lost $200,478,412 to hacks and rug pulls in 2024 year-to-date.
- This is across 32 specific incidents in two months.
- There has been a 15.4% increase in losses compared to the same period in 2023.
Insights from Jonah Michaels, Comms Lead at Immunefi
Michaels highlighted that private key and wallet compromises have been a significant factor, representing close to 30% of the total losses YTD. He also mentioned the expectation of substantial losses in 2024 compared to previous years.
February 2024: Decrease in Web3 Hacks Costs
In February 2024, hacks and frauds cost Web3 users $67,065,795 across 12 specific incidents, showing a significant decrease from the previous month. Hacks continued to be the primary cause of losses, accounting for 97.54% of the total losses.
DeFi Impact and Targeted Chains
Decentralized finance (DeFi) was the main target for exploits in February, with $67,065,795 in total losses across 12 incidents. Ethereum, BNB Chain, and Bitcoin were the most targeted chains, with Ethereum suffering the most individual attacks.
Immunefi’s Efforts and Bounty Rewards
Immunefi offers over $157 million in available bounty rewards and has paid out over $90 million in total bounties while safeguarding user funds.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
