According to a research note from blockchain security firm Immunefi dated February 29, 2024, over $200 million worth of cryptocurrency has been lost in 32 separate incidents of hacks and thefts since the beginning of the year.
Comparing this year's figures to the same period in 2023, there has been a 15.4% increase in losses, with $173 million stolen in January and February 2023.
February alone witnessed 12 specific instances of hacking and fraud, resulting in the theft of over $67 million worth of cryptocurrency. This marks a nearly 50% decrease from January, during which $133 million was lost to crypto theft.
The majority of losses in 2024, totaling $32.3 million, stemmed from a cyberattack on the crypto gaming platform PlayDapp, making it the most significant incident so far. The second-largest theft, amounting to $26.1 million, occurred at the decentralized cryptocurrency exchange FixFloat. Notably, decentralized finance (DeFi) platforms were the primary targets of attacks in February, with centralized finance protocols remaining unscathed.
In February, hacks accounted for more than $65 million (97.54%) of the stolen funds across 10 separate incidents, while two fraud cases contributed $1.65 million (2.46%) to the total stolen value. Ethereum bore the brunt of hacking incidents in February, followed by Binance's BNB chain and the Bitcoin network, with Ethereum alone accounting for over 85% of the total losses incurred thus far in 2024. The Bitcoin network and the BNB chain each experienced one hacking incident during the month.
The crypto industry faces growing concerns over hacking and exploits, particularly within the realm of DeFi applications. A report from Immunefi dated December 28, 2023, revealed that cryptocurrency hackers and scammers incurred losses totaling $1.8 billion in the previous year, with 17% of the total attributed to the North Korean Lazarus Group. Notable incidents in 2023 include a major attack on the peer-to-peer trading platform Mixin Network, resulting in over $200 million in losses, followed by a $197 million hack on the Euler Finance lending platform, and a $126 million hack targeting the cross-chain bridging protocol Multichain.
