{"id":16531,"date":"2024-08-29T17:51:09","date_gmt":"2024-08-29T14:51:09","guid":{"rendered":"https:\/\/forklog.com\/en\/crypto-industry-faces-over-1-2-billion-loss-from-hacks-and-fraud-in-2024\/"},"modified":"2024-08-29T17:51:09","modified_gmt":"2024-08-29T14:51:09","slug":"crypto-industry-faces-over-1-2-billion-loss-from-hacks-and-fraud-in-2024","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/crypto-industry-faces-over-1-2-billion-loss-from-hacks-and-fraud-in-2024\/","title":{"rendered":"Crypto Industry Faces Over $1.2 Billion Loss from Hacks and Fraud in 2024"},"content":{"rendered":"<p>Since the beginning of 2024, the crypto industry has suffered losses exceeding $1.2 billion due to hacks and fraud across 154 incidents. This figure surpasses last year&#8217;s eight-month total by 15.5%, <a href=\"https:\/\/assets.ctfassets.net\/t3wqy70tc3bv\/fYG4wHZa0LfrEFcjqpqm1\/c56684e1d8fc95247fd5df6560fe3486\/Immunefi_Crypto_Losses_In_August_2024.pdf\">according to<\/a> experts at Immunefi.<\/p>\n<p>They noted that this increase occurred despite a 95% reduction in losses in August, amounting to only $15.1 million compared to $274.7 million in July.<\/p>\n<p>Contrary to the trend identified by Chainalysis analysts, which suggested a shift in focus by attackers towards centralized exchanges, all five incidents in the month were related to DeFi.<\/p>\n<p>The largest incident involved the unauthorized withdrawal of $12 million in assets from the Ronin Network sidechain. Within hours, the hacker returned the funds for a reward of $500,000.<\/p>\n<p>In August, the losses faced by crypto projects were solely due to hacks.<\/p>\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"788\" height=\"495\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Immunefi_Crypto_Losses_In_August_2024.pdf-Google-Chrome-pdf.jpg\" alt=\"Immunefi_Crypto_Losses_In_August_2024.pdf-Google-Chrome\" class=\"wp-image-240001\"\/><figcaption class=\"wp-element-caption\">Data: Immunefi.<\/figcaption><\/figure>\n<p>Across blockchains, three cyberattacks occurred within the Ethereum ecosystem, while two took place in the BNB Chain.<\/p>\n<p>Earlier findings by Immunefi revealed that the native tokens of 77% of protocols affected by hacks have yet to recover their valuations. Experts identified this as the primary damage from exploits.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Since the beginning of 2024, the crypto industry has suffered losses exceeding $1.2 billion due to hacks and fraud across 154 incidents. This figure surpasses last year&#8217;s eight-month total by 15.5%, according to experts at Immunefi. They noted that this increase occurred despite a 95% reduction in losses in August, amounting to only $15.1 million [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16530,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[44,1252],"class_list":["post-16531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cybercrime","tag-reports"],"aioseo_notices":[],"amp_enabled":true,"views":"52","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/16531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=16531"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/16531\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/16530"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=16531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=16531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=16531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}