Crypto losses from hacks and rug pulls hit $572M in Q2 2024, doubling from last year. Key insights from Immunefi's latest report.
In the latest report from Immunefi, a crowd-sourced security platform, crypto losses from hacks and rug pulls reached a staggering $572 million in Q2 2024. This marks a 112% increase compared to the same period in 2023, highlighting the growing vulnerabilities within the crypto ecosystem. The report also sheds light on the most targeted sectors and significant developments in blockchain technology and funding.
Key Points:
Significant Increase in Losses: Crypto losses from hacks and rug pulls surged to $572 million in Q2 2024, up 112% from the same period in 2023.
Year-to-Date Totals: The total crypto losses for 2024 have surpassed $920 million, with May witnessing the highest monthly losses at $358 million.
CeFi Security Risks in 2024: Centralized Finance (CeFi) was the primary target, accounting for 70% of successful exploits, while Decentralized Finance (DeFi) made up 30%.
Tezos Roadmap Analysis: Tezos unveiled a new roadmap featuring a "canonical rollup" to boost performance, composability, and interoperability.
REDACTED Funding Details: REDACTED, aiming to build an "Entertainment Datasphere," raised $10 million in funding, backed by major industry players.
SCrypt UTXO Toolkit: SCrypt launched a developer toolkit for UTXO blockchains, reigniting interest in Bitcoin's foundational technology.
Rebar Labs' MEV-Aware Infrastructure: Rebar Labs secured $2.9 million to address Miner Extractable Value (MEV) challenges in Bitcoin's ecosystem.
BVNK Layer1 Launch: BVNK introduced Layer1, a self-custody infrastructure for stablecoin payments, simplifying blockchain integration for businesses.
Chainlink Data Streams: Chainlink launched Data Streams on Avalanche, enhancing GMX's decentralized perpetual exchange with high-frequency market data.
The Q2 2024 report from Immunefi underscores the increasing risks and challenges within the crypto sector, particularly for CeFi platforms. As losses from hacks and rug pulls continue to rise, the industry must prioritize security enhancements and robust protocols. Meanwhile, ongoing innovations and funding in blockchain technology demonstrate the sector's resilience and potential for growth. As the crypto landscape evolves, maintaining a balance between innovation and security will be crucial for sustainable development.
Source: Coindesk
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