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Web3 Suffered More Than $53 Million in Losses Due to Hacks in April 2024, Totaling $401 Million for the Year – Immunefi
In April 2024, Web3 experienced a loss exceeding $53 million due to hacking incidents across 21 events, reflecting a 46% decline compared to the prior period, according to the latest findings from the crypto-centric bug bounty platform Immunefi.
Specifically, $53,074,827 was lost to hacks and fraudulent activities during the previous month.
In contrast, April 2023 recorded a significantly higher figure of $98,610,392.
The breach involving Hedgey Finance accounted for the majority of last month’s losses, with $44.6 million taken.
This indicates that decentralized finance (DeFi) remains the primary target for attackers.
Other notable exploits included Grand Base ($2 million) and Wilder token ($1.4 million).
Centralized finance (CeFi) reported no attacks in April.
Source: Immunefi
Ethereum is the Main Target for Web3 Hackers
Hacks were, as expected, the leading cause of losses compared to fraud, accounting for over $50 million across 12 incidents in April.
In comparison, fraudsters took just over $3 million in 9 incidents.
Ethereum and BNB were again the main targets last month.
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Ethereum experienced 15 attacks, constituting 57.7% of all losses across various chains.
BNB faced six attacks, making up 23.1% of total losses.
Arbitrum recorded two incidents, while Optimism, Polygon, and Solana each had one incident.
Source: Immunefi
YTD Decrease
Overall, the total losses year-to-date (YTD) have reached $401,326,044.
This marks a 25% reduction compared to the same timeframe last year, which saw losses of $536.1 million.
Additionally, there was a significant decline in April 2024 compared to the previous month.
March 2024 recorded losses of $133,235,200, which dropped to $53 million in April.
Meanwhile, the team noted that Immunefi provides over $157 million in bounty rewards.
To date, it has disbursed more than $95 million in bounties and safeguarded $25 billion in user funds.
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