Crypto Projects Suffer $413 Million in Losses for Q3 2024

Immunefi, a blockchain security company, reported a 40% drop in stolen crypto assets in Q3 2024 compared to the same period last year, with losses totaling around $413 million. There were 34 successful breaches or scams during this period.

Only $3 million of the losses stemmed from fraud in three incidents. The majority of the stolen funds were attributed to two large-scale hacks on centralized exchanges (making up 69% of total losses): WazirX and BingX, where over $235 million and $52 million were stolen, respectively.

Breakdown of hacks and fraud in Q3 2024. Source: Immunefi official report.

Most breaches (75%) targeted centralized companies. Decentralized applications accounted for 25% of the total, with losses of about $104 million—down 79% from last year. Immunefi’s founder, Mitchell Amadour, highlighted private key management as the leading issue across platforms.

We're seeing a higher number of incidents targeting DeFi, while CeFi [centralized finance] experiences fewer incidents but often with more severe consequences, with hundreds of millions in stolen funds in a single exploit,

Amadour stated.

Notably, August 2024 was the least damaging month, with only $15 million stolen, while May was the worst, with losses surpassing $358 million. Despite this, the overall trend shows a reduction in losses, especially from fraud.