Crypto Hackers Steal Over $1.2 Billion in 2024, Immunefi Reports

Crypto hackers have stolen more than $1.2 billion so far in 2024, marking a 15.5% increase compared to the same period last year, according to a report by Immunefi. The alarming figure comes after a series of high-profile hacks in August, bringing the total number of exploits this year to 154.

The report highlights that while there has been a noticeable decline in the number of hacks from month to month—most notably a 94% drop from July to August—the overall value stolen in 2024 continues to outpace the previous year. In August alone, hackers stole over $15 million, with significant losses occurring in incidents like the $9.8 million Ronin Network hack.

Mitchell Amador, CEO of Immunefi, warned that the crypto ecosystem remains at constant risk, with the potential for a single severe exploit to drastically increase these figures. He emphasized the importance of maintaining a security-first approach at every step, especially during code upgrades, as vulnerabilities in such processes were the root cause of recent major hacks.

Centralized finance (CeFi) infrastructure continues to be a major vulnerability, responsible for most of the losses in 2024, despite decentralized finance (DeFi) being more frequently targeted. Immunefi's report underscores the critical need for robust security measures in both CeFi and DeFi sectors to protect user funds.

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