Q1 2024 Study Reveals DeFi Platforms Hemorrhage Over $336 Million in Digital Assets
In the first quarter of 2024, decentralized finance platforms experienced a staggering $336 million in digital asset theft through 61 hacking and fraud incidents.
Criminals targeted these platforms, resulting in losses of $144.48 million from two major hacking events. Conversely, centralized finance platforms reported zero instances of hacking or fraud during the same period. The overall loss in Q1 2024 marks a 23.1% decrease compared to the previous year’s losses. As revealed in a report by Immunefi. Hacking accounted for 95.6% of the losses, with two major incidents contributing 43% of the total losses for the quarter. Notably, Ethereum and BNB Chain were the most targeted networks.
Despite the challenges faced, approximately $73.88 million, or 22% of the losses, have been recovered, with a notable recovery of $62.8 million from a hacked Web3 gaming app. Mitchell Amador, CEO of Immunefi, emphasized the critical importance of securing code and protocol infrastructure to combat private key compromises, a significant factor contributing to the losses in the decentralized finance sector.
Clever Robot News Desk 2nd April 2024
