In the biggest rug pull event in February 2024, the crypto industry experienced losses totaling $67 million across 12 incidents, primarily due to hacks, which accounted for 97.54% of the stolen funds. The remaining losses were attributed to fraud. Despite the substantial losses, there was a notable decrease compared to January 2024, suggesting potential improvements in security measures or increased vigilance within the crypto community.
Crypto Market Hit by $200 Million in Hacks and Frauds
Immunefi’s February report reveals a staggering $200 million loss from hacks and frauds in the crypto market. The majority of losses in February were attributed to the crypto gaming platform PlayDapp and the decentralized exchange FixedFloat, amounting to $32.35 million and $26.1 million, respectively. Duelbits, an online casino with crypto features, lost $4.6 million. These incidents accounted for $63.05 million of February’s total losses.
Hacker’s Favourite Blockchain
The report suggested that Ethereum was the most targeted blockchain in February 2024, with 12 attacks, while projects on BNB Chain and Bitcoin each suffered one attack. All incidents targeted DeFi platforms and services constituted 97.54% of total losses, with CeFi experiencing no losses.
Yearly losses in the crypto industry now stand at $200 million, a 15.4% increase compared to the same period last year. Notably, certain attacks were omitted from the reports for January and February, including notable incidents such as attacks on Seneca, LastPass users, the MIM stablecoin, and a $112 million attack on Ripple co-founder Chris Larsen’s wallet. If included, these hacks would bring the total losses for February to $198.1 million and the year-to-date losses to $398.1 million.
Conclusion
As DeFi hacks increase, it’s crucial to boost crypto security. Platforms and experts must collaborate to fix weaknesses while educating users on safe practices. These efforts will safeguard assets and enhance trust in the crypto realm.
