Increased Number of Attacks in Crypto and DeFi
The number of attacks in the crypto and DeFi space has increased during the second quarter of this year compared to the same period last year. However, the total amount of funds stolen was smaller. According to a report by Immunefi, a web3-focused bug bounty platform, there were 81 incidents in Q2, a 65.3% increase from the previous year. Despite the increase in attacks, total losses decreased by 60.4% compared to 2022.
Key Points:
• Total losses for Q2 amounted to around $265.5 million, contributing to over $702 million in losses year-to-date.
• Hacks accounted for 83.1% of the losses in Q2, while frauds, scams, and rug pulls represented 16.9%.
• BNB Chain and Ethereum were the most targeted chains in Q2, with BNB Chain experiencing 36 incidents and Ethereum witnessing 26.
• DeFi platforms were the primary target for exploits in Q2, accounting for 86.1% of the total losses.
• Only 3.9% of the total losses in Q2 were recovered, highlighting the challenges in reclaiming stolen crypto assets.
Hot Take:
While the number of attacks in the crypto and DeFi space has increased, it is not as bad as 2022 when a record number of crypto attacks occurred. Immunefi has paid out over $80 million in bounties and saved over $25 billion in user funds. The report emphasizes the importance of thoroughly assessing projects and being vigilant against increasingly sophisticated scams.
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