Hackers Steal $1.4B in Crypto in 2024

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According to a recent report from immunefi, a web3 bug bounty and security services platform, the crypto industry has faced over $1.4 billion in losses this year due to 179 hacks and scams.

However, there has been a decrease in losses, with only $55.1 million lost in October compared to $126.9 million in September.

This shows a 1% decrease in losses year-over-year and a positive trend in terms of security measures being adopted by projects in the industry.

Immunefi’s Head of Security believes that enhanced security measures, bug bounty programs, and a larger pool of skilled security professionals have made it more difficult for hackers to exploit vulnerabilities.

The October losses can be attributed to seven incidents, with the highest losses coming from the $50 million hack of DeFi protocol Radiant Capital and a $4.4 million exploit of Tapioca DAO.

Although October had the second-lowest monthly losses this year, it still represents a 114% increase compared to October 2023.