Crypto Market Recovers Over Half of Stolen Funds in Q2, With Record Recovery Rate of 77%
The cryptocurrency market has shown great resilience in the face of adversity, achieving a record recovery rate of 77% for stolen funds in the second quarter of 2024.
In Q2 2024, $347.4 million of the stolen crypto funds were successfully recovered or frozen out of the total $512.9 million lost, according to Hacken’s Web3 Security Report Q2 2024.
“For the second consecutive quarter, the silver lining amid the alarming rate of theft in crypto is the amount of funds recovered,” the report wrote.
“This time, the industry managed to recover more than half of assets targeted by scammers and hackers.”
The report also revealed that the second quarter of 2024 saw a decline in the number of hacks compared to the first quarter, with the total number of incidents dropping from 67 to 41.
However, despite this positive trend, the financial losses remain a critical concern, with Q2 losses amounting to $512.9 million, nearly matching the total losses for all of 2023.
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