In April 2024, Web3 saw a loss of over $53 million to hackers across 21 incidents, a 46% decrease when compared with the previous period, found the latest report by the crypto-focused bug bounty platform Immunefi.
To be more precise, $53,074,827 was lost to hacks and frauds this past month.
Notably, in April 2023, this number stood significantly higher, at $98,610,392.
The attack on Hedgey Finance accounts for most of the past month’s loss: $44.6 million was stolen.
This demonstrates that decentralized finance (DeFi) continues to be the main target for exploiters.
Other high-profile exploits include Grand Base ($2 million) and Wilder token ($1.4 million).
Centralized finance (CeFi) saw no attacks in April.
Source: Immunefi
Ethereum is the Main Target for Web3 Hackers
Hacks are unsurprisingly the main cause of losses compared to fraud, accounting for more than $50 million across 12 incidents in April.
At the same time, fraudsters stole just above $3 million in 9 incidents.
Ethereum and BNB were the primary targets again last month.
Ethereum saw 15 attacks and 57.7% of all losses across chains.
BNB suffered six attacks, representing 23.1% of total losses.
Arbitrum recorded two incidents, while Optimism, Polygon, and Solana witnessed one incident each.
Source: Immunefi
YTD Decrease
Overall, so far this year, the total losses year-to-date (YTD) come up to $401,326,044.
This is a decrease of 25% when compared to the same period last year, which recorded $536.1 million.
Also, there was a notable decrease in April 2024 compared to the month prior.
March 2024 recorded $133,235,200, falling to $53 million in April.
Meanwhile, the team said that Immunefi offers over $157 million in bounty rewards.
So far, it has paid out more than $95 million in bounties and saved $25 billion in user funds.
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