Crypto Theft Surges Past $1.2 Billion Since the Beginning of the Year

In 2024, cryptocurrency thefts have soared to over $1.2 billion, following a spate of recent security breaches.

The total loss from hacking incidents this year has risen significantly, surpassing last year’s figures by 15.5%.

The latest data, shared by Immunefi, reveals that hackers have exploited vulnerabilities in various platforms, resulting in a total of 154 breaches. Notable recent thefts include a $230 million hack from the WazirX exchange, marking the year’s second-largest incident.

Despite a dramatic decrease in monthly thefts—from $274 million in July to $15 million in August—security experts remain concerned. August’s losses were primarily from two attacks: $9.8 million from the Ronin Network and $1.5 million from Nexera, both caused by flaws introduced during code updates.

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Mitchell Amador of Immunefi underscores the importance of robust security measures, pointing out that while DeFi platforms were targeted this month, CeFi systems are often more vulnerable and can lead to larger losses.

Immunefi continues to monitor and protect over $190 billion in digital assets, highlighting the ongoing need for stringent cybersecurity in the crypto industry.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.