Crypto industry plagued by hacks, but positive trend is emerging
The number of hacks in the crypto industry has started to drop
In 2024, the cryptocurrency industry suffered losses of $1.4 billion due to hacks and fraud. While the number of incidents remains high, there is a trend towards a reduction in these occurrences.
This data comes from the portal Immunefi, which specializes in identifying vulnerabilities.
Experts recorded 179 hacks and fraud cases in the crypto sector in 2024.
In October, there was a noticeable decrease in such incidents, with hacker losses totaling $55.1 million—56% less than in September ($127 million).
Though industry losses are still significant, they show a 1% year-over-year decline.
“Projects are focusing more on security measures, improving audits and smart contracts, and utilizing bug bounty programs. They now have more experienced security professionals, making it harder for hackers to exploit vulnerabilities,” said Immunefi’s Head of Security, Gonzalo Magalhaes.
Who Was Affected by October Hacks
In October, there were seven major incidents, with most losses from two cases: the hack of the DeFi protocol Radiant Capital for $50 million and the Tapioca DAO exploit for $4.4 million.
Hacks remain the primary source of losses compared to fraud, accounting for 100% of incidents in October.
The BNB Chain network was the most targeted in October, accounting for 50% of attacks, while Ethereum and Arbitrum each accounted for 25% of exploits.
Recently, 1inch suffered a cyberattack after hackers exploited a vulnerability in Lottie Player.
