Crypto News: Analyzing the $412 Million in Losses Due to Hacks in Q3 2024
Crypto Security Report: Q3 2024 Insights
Immunefi published its quarterly report on losses in the crypto sector, revealing that $412 million was lost to hacks and frauds. Despite this staggering amount, the overall security situation is improving.
Growing Safety Amid Losses
The report notes that decentralized finance (DeFi) faces increased targeting, whereas centralized finance (CeFi) experienced the most significant losses, indicating a strong need for self-custody.
- Q3 losses show nearly 40% decline year-over-year.
- Frauds diminished by over 86% in a year.
- Notable events include BingX losing $52 million to a hack.
Overall, the security trends suggest that as more funds are locked in the industry, the impact of losses appears lighter than before.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.