TechFlow news, according to the latest report from bug bounty platform Immunefi, the cryptocurrency sector suffered $409 million in hacking incidents during the third quarter of 2024, with an additional $3 million lost due to fraud. This represents a 40% decrease compared to the same period in 2023.
Immunefi noted that the funds locked in DeFi protocols provide hackers with "unparalleled and attractive opportunities."
Data from DefiLlama shows that the total value locked (TVL) in DeFi currently stands at $87.2 billion.
The largest losses this quarter stemmed from attacks on cryptocurrency exchanges, including $235 million lost by India's WazirX and $52 million by Singapore's BingX. The remaining 32 hacking incidents accounted for 32% of total losses.
Mitchell Amador, founder and CEO of Immunefi, stated that while the number of attacks on DeFi has increased, CeFi incidents are fewer but often result in more severe individual losses.
Ethereum was the most common target for hackers, with 15 reported thefts, followed by BNB Chain with 8 and Base with 2.
