Web3 Losses Cut By 23% in Q1 2024, Hackers May Be Eyeing $100 Billion in Locked Funds – Immunefi
The first quarter of this year has seen $336 million lost to Web3 hackers and fraud, with nearly half of the capital stolen in January alone. Nonetheless, the number represents a 23% decrease compared to the first quarter of 2023, according to the latest report by bug bounty and security services platform Immunefi.
Notably, said the team, almost $100 billion in capital has been locked across Web3 protocols as of March 2024, adding:
“That capital represents an unparalleled and attractive opportunity for blackhat hackers.”
It is also worth noting that $73,885,000 has been recovered from stolen Web3 capital in 7 specific situations.
More specifically, $62 million was from the Munchables exploit and $5.3 million from the Seneca exploit.
This makes up 22% of the total losses in the first quarter, the report remarked.
The report looked at the volume of crypto funds the community has lost due to hacks and scams in the first three months of this year.
More precisely, the Immunefi team reviewed all instances in Web3 where:
They found 61 such incidents. This includes successful and semi-successful hacks and alleged fraud.
In total, the team discovered that $336,311,217 was lost in Q1 2024.
Out of this number, hacks were responsible for $321,645,400 across 46 specific incidents.
Fraud was behind another $14,665,817 stolen across 15 specific incidents.
The total number represents a 23.1% decrease compared to Q1 2023, when hackers and fraudsters stole $437,483,543, the report noted.
Also, most of this loss occurred in January alone, when more than $133 million was stolen.
Mitchell Amador, Founder and CEO at Immunefi, commented that “while it’s positive that overall losses have decreased, it’s essential to note that DeFi faced significant
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