According to a research report by blockchain security firm Immunefi, the total value of cryptocurrency lost to hacks and rug pulls in 2024 year-to-date (YTD) amounts to over $200 million. This represents a 15.4% increase compared to January and February 2023, when $173 million of digital assets were stolen.
In February alone, there were 12 specific hack and fraud incidents resulting in the theft of over $67 million worth of crypto. This is a nearly 50% decrease from January, which saw $133 million worth of stolen crypto.
The majority of the stolen funds this year, amounting to $32.3 million, were lost during a cyberattack on PlayDapp, a crypto gaming platform. The second-largest theft of $26.1 million occurred at decentralized crypto exchange FixedFloat. Interestingly, while decentralized finance (DeFi) was the main target for exploits in February, centralized finance protocols did not experience any major attacks during the month.
Out of the stolen funds in February, hacks accounted for over $65 million (97.54%) across 10 incidents, while fraud cases made up $1.65 million (2.46%) of the stolen value.
In terms of network targets, hackers focused primarily on Ethereum, followed by Binance’s BNB Chain and the Bitcoin network in February. Ethereum experienced 12 individual attacks, representing over 85% of the total value lost so far this year. The Bitcoin network and BNB Chain each suffered one incident.
The increasing frequency of hacks and exploits has become a significant concern in the crypto industry, particularly for DeFi applications. In 2023, a total of $1.8 billion was lost to crypto hacks and scammers, with 17% attributed to the North Korean Lazarus Group, according to a report by Immunefi.
The biggest attack in 2023 was on peer-to-peer trading platform Mixin Network, resulting in over $200 million in losses. This was followed by a $197 million hack on the Euler Finance lending platform and a $126 million hack on the Multichain cross-chain bridge protocol.
Relatedly, the US government moved $922 million of seized Bitcoin after the BTC price broke $60,000.