In all, 46 hacking instances and 15 fraudulent activity cases are listed in the study. In the first quarter of 2024, the cryptocurrency market experienced a 23% decrease in losses from hacking and scams when compared to 2023, according to a study report released on March 28 by blockchain security company Immunefi.
Immunefi CEO Mitchell Amador Brought Attention To The Vulnerability Of DeFi Platforms
The overall amount lost to fraud and hacking events in the first quarter of 2024 was around $336.3 million, compared to $437.5 million in the corresponding period of 2023, according to the research. In all, 46 hacking instances and 15 fraudulent activity cases are listed in the study. Decentralized finance (DeFi) systems continue to be a major target for hackers, as seen by all of the exploits found by Immunefi in Q1, compared to none for centralized finance platforms, with approximately $100 billion in total value locked in Web3 protocols. The majority of the losses, $144.5 million in total, or 43% of the total, were attributed to two projects. The biggest assault, which cost $81.7 million, was launched on New Year’s Eve against the Orbit Bridge cross-chain bridge protocol. At $133 million, January’s monthly losses in Q1 were the greatest.
Immunefi CEO Mitchell Amador brought attention to the vulnerability of DeFi platforms to private key compromises, emphasizing the urgent need for improved security measures throughout protocol and code architecture.
