{"id":17325,"date":"2024-09-27T10:22:56","date_gmt":"2024-09-27T07:22:56","guid":{"rendered":"https:\/\/forklog.com\/en\/crypto-industry-faces-413-million-loss-from-hacks-and-scams-in-q3\/"},"modified":"2024-09-27T10:22:56","modified_gmt":"2024-09-27T07:22:56","slug":"crypto-industry-faces-413-million-loss-from-hacks-and-scams-in-q3","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/crypto-industry-faces-413-million-loss-from-hacks-and-scams-in-q3\/","title":{"rendered":"Crypto Industry Faces $413 Million Loss from Hacks and Scams in Q3"},"content":{"rendered":"<p>Between July and September, cryptocurrency companies experienced 34 incidents of hacks and scams, resulting in losses exceeding $413 million, according to a report by <a href=\"https:\/\/immunefi.com\/research\/\">Immunefi<\/a>.<\/p>\n<p>Losses since January have risen to $1.34 billion, which is 3.9% lower than the same period last year.<\/p>\n<p>Compared to the <a href=\"https:\/\/forklog.com\/en\/news\/crypto-project-losses-from-hacks-and-scams-surge-to-572-million-in-q2\">previous quarter<\/a>, the figure for July-September decreased by 28%, and compared to the same period last year, it fell by 40%.<\/p>\n<p>In July-September, 69.5% of losses were attributed to the hacks of <a href=\"https:\/\/forklog.com\/en\/news\/indian-cryptocurrency-exchange-wazirx-hacked-for-234-9-million\">WazirX ($235 million)<\/a> and BingX ($52 million).<\/p>\n<p>Losses amounted to $281.9 million in July, $15.1 million in August, and $115.9 million in September.<\/p>\n<p>Hacker attacks accounted for 99.25% of the damage, with fraud cases making up the remaining 0.75%.<\/p>\n<p>In July, the targeted networks were Ethereum and BNB Chain, with 15 and eight incidents respectively. They accounted for 44.1% and 23.5% of the total losses.<\/p>\n<p>Immunefi experts noted that hacks of <span data-descr=\"centralized platforms\" class=\"old_tooltip\">CeFi<\/span> projects remain the most lucrative for hackers \u2014 in Q3, three targets yielded $309 million. DeFi is attacked more frequently, but smaller amounts are stolen \u2014 $104 million from 31 attacks.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cIn CeFi, the biggest infrastructural issue is the management of private keys, which usually lacks a security audit. It requires strict policies, practices, and emergency action plans,\u201d<\/em> the report states.<\/p>\n<\/blockquote>\n<p>Affected projects managed to recover only $14.9 million \u2014 3.6% of the stolen funds.<\/p>\n<p>More than 77.8% of projects attacked by hackers <a href=\"https:\/\/forklog.com\/en\/news\/report-77-of-hacked-cryptocurrencies-fail-to-recover-in-value\">suffered<\/a> a sustained negative impact on the price of their native coin for six months following the incident.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Between July and September, cryptocurrency companies experienced 34 incidents of hacks and scams, resulting in losses exceeding $413 million, according to a report by Immunefi. Losses since January have risen to $1.34 billion, which is 3.9% lower than the same period last year. Compared to the previous quarter, the figure for July-September decreased by 28%, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17324,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[44,1644,1252],"class_list":["post-17325","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cybercrime","tag-immunefi","tag-reports"],"aioseo_notices":[],"amp_enabled":true,"views":"9","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/17325","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=17325"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/17325\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/17324"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=17325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=17325"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=17325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}