Immunefi: Hackers and Scammers Stole Over $500 Million in Q2

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  • Hackers and scammers pocketed more than $500 million in the last three months, according to Immunefi
  • The amount was almost three times what was lost to malicious actors in a similar period last year
  • Most of the funds were siphoned from DMM, a cryptocurrency exchange

Blockchain security firm Immunefi has released its “Crypto Losses in Q2 2024” report disclosing that hackers and scammers siphoned more funds in Q2 than in Q1 of this year. The report indicated that malicious actors stole $573 million in Q2, with over $300 million of the amount attributed to the DMM crypto exchange hack. Immunefi noted that the amount is almost 3x more than what was stolen by these actors within a similar period in 2023, an indication that hackers and scammers aren’t abandoning their malicious intentions anytime soon.

More Decentralized Projects Hacked

According to the report, crypto losses in Q2 came from 72 total incidents. Apart from the Japanese crypto exchange DMM, other entities that lost significant amounts within the focus period include Turkey’s leading exchange BtcTurk which lost $55 million and DeFi platform Hedgey Finance which lost $44.6 million.

Others like Gala Games, Lykke, SonneFinance, UwU Lend, Rain and Holograph are also at the top of the list losing between $14 and $24 million. Immunefi also noted that malicious actors have stolen roughly $920 million so far this year, which is a 24% rise compared to what they stole within the same period last year.

Ethereum-powered Projects Most Targeted

The report disclosed that most of the Q2 losses were recorded in May and June, adding that Ethereum-based projects were the most targeted compared to those on BNB Chain and other blockchains. 

Immunefi also noted that recovery missions have borne more fruits in Q2 2024 compared to last year by a margin of 1.1%. A previous Immunefi report noted that hacks were down by 28% in May compared to April 2024.

Although centralized crypto projects lost more funds, the report showed that more decentralized entities were successfully hacked in Q2, confirming previous reports that malicious actors are increasingly looking for weaknesses in DeFi projects.