Immunefi Report: crypto industry losses due to hacking and fraud have exceeded $1.4 billion in 2024

On October 31, 2024, the crypto industry's losses due to hacking and fraud have exceeded $1.4 billion across 179 incidents, according to a new report from Immunefi. While October losses were $55.1 million, down 56.6 percent from September's $126.9 million, cumulative losses are still significant.October's losses stemmed primarily from two incidents, including a $50 million hack of decentralized finance (DeFi) protocol Radiant Capital and a $4.4 million vulnerability exploit of Tapioca DAO.

Gonçalo Magalhães, head of security at Immunefi, noted that project parties have generally stepped up their security measures, including audits and vulnerability reward programs, making attacks more difficult. The report also shows that BNB Chain was the most attacked network in October with 50 percent, followed by Ethereum and Arbitrum with 25 percent each. To date, Immunefi has paid out over $100 million in rewards to white hat hackers and saved over $25 billion in user assets.