In Q2 2024, the crypto industry lost $572.7 million across 72 incidents due to hacks and scams, with centralized finance (CeFi) platforms being the primary targets. This represents a 70.3% increase from Q1 and a staggering 112% rise compared to Q2 2023.
The most significant incidents were the $305 million hack of DMM Bitcoin and a $55 million loss for BtcTurk on June 23, which together accounted for 62.8% of the total losses. Hacks were the dominant form of loss, making up 98.5% ($564.2 million) of the total.
Centralized finance platforms, which manage large asset pools, are particularly vulnerable due to their central repositories and security weaknesses. In contrast, decentralized finance (DeFi) platforms accounted for 30% ($171.3 million) of losses, showing improved security measures.
Ethereum and BNB Chain were the most targeted networks, with Ethereum accounting for 44.4% of the exploits. Only 5% of stolen funds were recovered, highlighting the need for robust security measures.
This surge in hacks underscores the critical importance of securing centralized finance platforms to protect the broader crypto ecosystem.
