Ethereum Ecosystem Loses $400 Million in 2024 Exploits

Cybersecurity firm SlowMist reports that the Ethereum ecosystem has lost $400 million to exploits so far this year, amid a 50% rise in crypto hacking incidents.

SlowMist’s 2024 mid-year report reveals that Ethereum suffered the most significant losses, followed by Arbitrum with $72.46 million and Blast with $70 million.

Additionally, Binance Smart Chain (BSC) experienced the most security incidents, with 57 breaches resulting in approximately $32.12 million in losses.

The report details that the digital assets industry faced 223 security incidents in the first half of 2024, leading to $1.43 billion in losses, a significant increase from the $920 million lost in the same period in 2023.

SlowMist highlights that decentralized finance (DeFi) was the most targeted sector, with 158 incidents accounting for nearly 71% of all cases and $659 million in losses. This represents a 37.29% increase in DeFi-related losses compared to the first half of 2023.

SlowMist identifies contract vulnerabilities and exit scams as the primary causes of these exploits, responsible for 56 and 50 incidents, respectively. The escalating losses and incidents underscore the growing need for enhanced security measures within the crypto ecosystem.