Web3 Lost Over $200 Million to Hackers in Two Months of 2024, More to Come – Immunefi
In the first two months of 2024, hacks across the Web3 space cost over $200 million, according to the latest report by Immunefi, the blockchain cybersecurity platform protecting over $60 billion in assets. In February, the losses amounted to nearly $70 million.
According to the ‘Crypto Losses in the February 2024 Report,’ Web3 has lost $200,478,412 to hacks and rug pulls in 2024 year-to-date.
This is across 32 specific incidents in two months.
The report stated that this represents a 15.4% increase when compared with the same period in 2023 at $173,693,675.
Jonah Michaels, Comms Lead at Immunefi, told Cryptonews that, this year, the team observed “an alarming volume of losses” due to private key and wallet compromises, representing close to 30% of the total losses YTD.
Furthermore, he said:
“We expect that 2024 will likely witness the most substantial losses in Web3 ever in terms of volume of funds. We are already seeing an increase of over 15% in losses year-to-date compared with 2023, as anticipated.”
In February 2024, hacks and frauds cost Web3 users $67,065,795 across 12 specific incidents.
However, this represents an almost 2x decrease from January 2024. Registered losses at the time were $133,412,617.
Michaels commented that, in February of this year, there was a slight drop in the number of single incidents compared with January, decreasing from 20 to 12.
Furthermore, compared with 2023, February also witnessed the lowest number of incidents overall so far.
Per Michales,
“Generally, we have observed an average of 26 key incidents per month, based on our data for 2023. Despite this decrease in incidents, February still saw a considerable volume of losses, with notable exploits resulting in losses of as much as $32 million due
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