Scammed Million Crypto Assets: Due to hacking and fraud, digital assets worth more than 572.7 million dollars were lost during the second quarter of 2024. The most recent estimation places the entire value of digital assets. I was lost in 2024 due to hacking, fraud, and scams at $920.9 million. This figure was derived from the most recent estimate. There were 63 instances in which decentralized finance (defi) platforms experienced losses that amounted to approximately 172.1 million USD over the second quarter of 2023. Defi platforms suffered a loss of $228.48 million, representing a decline of 25% from the total amount.
Fraud Causes 1.5% of Losses
According to the most recent report on Crypto Losses published by Immunefi, the total amount of cryptocurrency lost due to Scammed Million Crypto Assets 72 operations during the second quarter of 2024 was $572.7 million. Compared to the digital assets worth $265.5 million lost to the same attack vectors during the same period in 2023. This statistic is more than twice as large as the previous one.
However, in contrast to the second quarter of 2023. when losses from fraud, scams, and rug pull nearly surpassed $45 million, criminals who utilized these tactics only successfully stole $8.45 million, approximately 1.5% of the overall losses. Furthermore, the research conducted by Immunefi showed that centralized finance (cefi) systems were accountable for a substantial portion of the losses, which amounted to approximately $401.4 million, equivalent to seventy percent of the total.
On the other hand, several decentralized finance (defi) platforms lost around 172.1 million dollars, spreading hacking and fraud digital assets across 63 occurrences. The amount of money that Defi platforms lost during the second quarter of 2023 was $228.48 million, which represents a decrease of 25% from the total amount lost overall.
No Infrastructure Is Secure
Mitchell Amador, Immunefi’s CEO and president, discussed the study. He noted that a single breach can cost millions of dollars, suggesting that DEFI and CEFI systems are insecure. Infrastructure breaches can be the worst cryptocurrency attacks, as shown this quarter. This quarter showed this as losses rose owing to CeFi infrastructure intrusions. They outperform DeFi despite fewer cyberattacks. As Amador stated, strict environmental protections are necessary.
This is evidenced by the statistics presented in the Immunefi study. The attack on the Japanese cryptocurrency exchange DMM Bitcoin. This led to the theft of bitcoin (BTC) worth $305 million, the most substantial loss experienced by a single organization. A massive cyberattack on June 23, 2024, caused Btcturk to suffer the second-largest loss in the second quarter of 2024, which amounted to $55 million. This loss was the result of hacking and fraud in digital assets. The digital assets lost due to the DMM Bitcoin and Btcturk attacks alone account for 62.8% of the total losses. That occurred during the second quarter of 2024.
During this interim period. The most recent data suggests that the value of digital assets. That was lost in 2024 due to scammed million crypto assets, which reached a total of $920.9 million. Compared to the average loss of approximately $703 million in the previous year. This is a 24% increase in the amount of money lost. To be more specific, the month of May had the most losses. This amounted to $358.5 million, while April had the lowest losses, amounting to $72.6 million. About the Immunefi Crypto Losses Report. What are your thoughts and ideas on the matter? Thank you for taking the time to share your thoughts and opinions in the comments section below.
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Conclusion
There must be strict regulation and security measures for the cryptocurrency sector immediately after the massive loss of $572.7 million in Q2 2024 at the handbyudsters. A more secure and robust ecosystem can only be achieved through the joint efforts of investors, industry players, and regulators. As the market undergoes further transformation. Restoring investor confidence and fostering sustainable growth in this dynamic and disruptive business can only be achieved by the collective efforts of the crypto community.
