A Sharp Decline in Crypto Losses Due to Hacks and Frauds in August: Report
A recent report from Immunefi, a bug bounty platform, reveals a significant decrease in the amount of crypto assets lost to hacks and frauds in August compared to the previous month. Here are the key points from the report:
– In August, the total value of digital assets lost to hacks and frauds was $23,366,220, a significant drop from the $320,498,660 lost in July.
– From January to August this year, the total amount of crypto losses from hacks and rug pulls reached $1,245,020,621.
– Hacks remain the primary cause of crypto losses, surpassing frauds, scams, and rug pulls. In August, there were 13 specific incidents of hacks resulting in $15,812,809 in losses, while frauds accounted for $7,553,411 across four specific incidents.
– Fraud made up 32.3% of the total losses in August, while hacks accounted for 67.7%.
– Decentralized finance (DeFi) platforms continue to be the primary target for exploits, representing 100% of the total losses in August. Centralized finance (CeFi) platforms did not experience any major exploits during this period.
– Ethereum (ETH) was the most targeted chain, with five individual attacks. The Base protocol, backed by Coinbase, and BNB Chain each had four incidents. These three networks accounted for more than half of the total targeted chain losses.
In conclusion, the report highlights a significant decline in crypto losses due to hacks and frauds in August. Hacks remain the leading cause of losses, with DeFi platforms being the primary target. It is crucial for crypto users to stay vigilant and take necessary security measures to protect their assets.
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