{"id":12121,"date":"2024-03-29T16:54:23","date_gmt":"2024-03-29T14:54:23","guid":{"rendered":"https:\/\/forklog.com\/en\/crypto-industry-faces-336-million-loss-from-hacks-and-scams\/"},"modified":"2024-03-29T16:54:23","modified_gmt":"2024-03-29T14:54:23","slug":"crypto-industry-faces-336-million-loss-from-hacks-and-scams","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/crypto-industry-faces-336-million-loss-from-hacks-and-scams\/","title":{"rendered":"Crypto Industry Faces $336 Million Loss from Hacks and Scams"},"content":{"rendered":"

The cryptocurrency industry suffered losses of approximately $336.3 million due to hacking and fraud in the first three months of 2024, according to an Immunefi report<\/a> covering 61 incidents.<\/p>\n

\"Fake
Damage from scams and hacks in Q1. Data: Immunefi.\u00a0<\/figcaption><\/figure>\n

The number of attacks decreased by 17.6% compared to the same period in 2023, with losses also down by 23%.<\/p>\n

Researchers identified the largest breach as the $81.7 million exploit of the cross-chain bridge Orbit Bridge. The second largest was the $62.8 million theft from the Web3 platform Munchables, although the hacker returned all stolen funds.<\/p>\n

In total, $73.9 million\u201422% of the total damage\u2014was recovered through seven incidents involving white-hat hackers.<\/p>\n

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\u201cWhile the reduction in overall losses is a positive development, it is important to note that DeFi faced significant challenges, accounting for 100% of all losses in the first quarter of 2024,\u201d said Immunefi founder and CEO Mitchell Amador.<\/p>\n<\/blockquote>\n

Hacker attacks were predominant in the first quarter, with 46 incidents leading to losses of $321.6 million (95.6%). Approximately $14.7 million was stolen in 15 recorded fraud incidents.<\/p>\n

Ethereum was the most targeted blockchain, accounting for 51% of hacks and scams, followed by the BNB Chain at 22%.<\/p>\n

For the year 2023, Immunefi estimated the industry’s losses from hackers and fraudsters at $1.8 billion. PeckShield reported a different figure\u2014$2.61 billion<\/a>.<\/p>\n

Recent Breaches<\/h2>\n

An Imposter Among Us<\/h3>\n

PeckShield analysts discovered a fake token mimicking the native coin of the DeFi protocol Ethena Labs (ENA).<\/p>\n

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#PeckShieldAlert<\/a> $ENA<\/a> (Ethena Labs) on #BNBChain<\/a> has been exploited, resulting in a loss of 480 $BNB<\/a> (worth ~$290K)<\/p>\n

*Note*: The token shares the same name as the legitimate ones<\/p>\n

\u2014 PeckShieldAlert (@PeckShieldAlert) March 29, 2024<\/a><\/p><\/blockquote>\n