Comment on $412 million of crypto lost to hacks and fraud in Q3 of 2024, reports finds

$412 million of crypto lost to hacks and fraud in Q3 of 2024, reports finds

The bug bounty platform for blockchain, Immunefi, has published a report on crypto losses in Q3 of 2024, with just over $412 million reported to have been lost from the Web3 ecosystem. In the third quarter, the company writes that $409,906,947 was lost to hacks across 31 specific incidents and the remaining $3,087,552 was due to fraud in three incidents. While that sounds like a staggering number, the total loss of Q3 2024 is actually a 40% decrease from what was seen in Q3 of 2023. The number of individual successful attacks is also said to have “decreased by 54% from 75 in Q3 2023 to 34 in Q3 2024.” The report says “There is nearly $90 billion in capital locked across web3 protocols as of September 2024.” The predominant cause of losses was said to be from hacks, accounting for 99.25% of losses.

 

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