The cryptocurrency ecosystem was hit hard by a surge in hacks and scams during the second quarter of 2024, with losses more than doubling compared to the same period in 2023.
According to a report by blockchain security firm Immunefi, the total losses from these malicious activities reached a staggering $572.7 million, a 112% increase from the $265.4 million recorded in Q2 2023.
The Ethereum and BNB Smart Chain networks continued to be the most targeted, collectively accounting for 71% of the total losses. However, Ethereum layer 2 networks, such as Arbitrum, Blast, and Optimism, also experienced an increase in successful exploits, making up 15% of the losses.
Immunefi founder Mitchell Amador emphasized the significance of these losses, stating, “This quarter highlights how infrastructure compromises can be the most devastating hacks in crypto, as a single compromise can lead to millions in damages. Robust measures to safeguard the entirety of the ecosystem are crucial.”
Despite some funds being recovered, the total losses for the first two quarters of 2024 have reached $920.9 million, nearly equivalent to the losses for the entire year of 2023. This underscores the growing threat of cyber attacks in the crypto space and the urgent need for exchanges, protocols, and users to prioritize security measures to protect against these malicious actors.