{"id":350,"date":"2024-09-27T08:31:54","date_gmt":"2024-09-27T08:31:54","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=350"},"modified":"2024-09-27T08:31:54","modified_gmt":"2024-09-27T08:31:54","slug":"crypto-hack-losses-down-in-q3-2024-ethereum-still-most-targeted-blockchain-report","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=350","title":{"rendered":"Crypto Hack Losses Down In Q3 2024, Ethereum Still Most Targeted Blockchain: Report"},"content":{"rendered":"
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Crypto hack and fraud-related losses decreased in Q3 2024, though Ethereum (ETH) remained the most targeted smart contract platform, according to a report by Immunefi.<\/p>\n

Losses Primarily Due To Centralized Exchange Hacks<\/h2>\n

Immunefi has released its 2024 Q3 report<\/a>, detailing the specifics of cryptocurrency-related hacks and losses during the quarter. The report notes two major exchange hacks, WazirX<\/a> in July 2024, and BingX in September 2024, which collectively accounted for 69.5% of all funds lost in Q3 2024, totalling $287 million.<\/p>\n

Notably, both WazirX and BingX<\/a> are centralized exchanges, and lost funds to the tune of $235 million and $52 million, respectively. Centralized finance (CeFi) platforms were responsible for 74.8% of all successful exploits during the quarter, compared to decentralized finance (DeFi) platforms accounting for 25.2% of lost funds.<\/p>\n

It\u2019s worth highlighting that although CeFi platforms witnessed only three incidents, they lost funds worth $309 million in Q3 2024. In contrast, DeFi platforms suffered $104 million in losses across 31 incidents during the same period. Compared to Q3 2023, DeFi losses have dropped by 79.2%, while CeFi losses are up 66.4%.<\/p>\n

Commenting on the disparity between CeFi and DeFi incidents, Mitchell Amador, Founder and CEO at Immunefi remarked:<\/p>\n

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We\u2019re seeing a higher number of incidents targeting DeFi, while CeFi experiences fewer incidents but often with more severe consequences, with hundreds of millions in stolen funds in a single exploit. In CeFi, the biggest infrastructural issue is private key management, which is essential to maintaining the self-custody of crypto assets but is not typically subject to security audits. It requires rigorous key management policies, practices, and emergency plans.<\/p>\n<\/blockquote>\n

Further, the report sheds light on losses from both crypto hacks and frauds. Compared to Q3 2023, losses due to crypto hacks and frauds fell by 38.2% and 86.4%, respectively, in Q3 2024.<\/p>\n

Ethereum Reigns Supreme As Hackers\u2019 Favorite Blockchain<\/h2>\n

The report emphasizes that Ethereum and Binance Chain (BNB) were the two most targeted smart contract platforms in Q3 2024. While Ethereum suffered 15 incidents, representing 44.1% of the total losses across targeted networks, Binance Chain was responsible for 23.5% of the losses with 8 incidents.\u00a0<\/p>\n

Coinbase\u2019s Base chain ranked third with 5.9% of losses across different blockchains. Other targeted blockchains include Blast (BLAST), Solana (SOL), and Ethereum layer-2 scaling solution Arbitrum (ARB), with one incident each.<\/p>\n

Attacks on layer-2 scaling solution-based protocols aren\u2019t surprising, given how nascent they are and the limited security infrastructure they possess. Earlier this year, Emin G\u00fcn Sirer, co-founder of Avalanche (AVAX) blockchain warned<\/a> about the red flags to watch out for in new layer-2 projects.\u00a0<\/p>\n

The increasing frequency of hacks and frauds in the crypto space underscores the critical role of white-hat and gray-hat hackers, as seen in the recent incident<\/a> involving the DeFi protocol Rho Markets. At press time, Bitcoin (BTC) was trading at $64,650, up 1.3% in the past 24 hours.<\/p>\n

\"bitcoin\"<\/div>\n","protected":false},"excerpt":{"rendered":"

Crypto hack and fraud-related losses decreased in Q3 2024, though Ethereum (ETH) remained the most targeted smart contract platform, according to a report by Immunefi. Losses Primarily Due To Centralized Exchange Hacks Immunefi has released its 2024 Q3 report, detailing the specifics of cryptocurrency-related hacks and losses during the quarter. The report notes two major […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-350","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/350","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=350"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/350\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}