The cryptocurrency industry, often plagued by frequent hacks and scams, saw a significant reduction in the amount of crypto stolen in August 2024, according to a recent report by bug bounty platform Immunefi. The report highlights that approximately $15 million in crypto assets were stolen in August, marking a notable decline compared to previous months. This brings the total amount stolen in 2024 to just over $1.2 billion.
While the total amount of crypto stolen this year reflects a 15% increase compared to 2023, the losses have been spread across more than 150 incidents in the first eight months of 2024, Immunefi reported. The majority of these attacks targeted decentralized finance (DeFi) platforms, not due to vulnerabilities in the code or stolen private keys, but rather due to targeted scams, particularly on the BNB Chain.
The BNB Chain has become a preferred target for hackers conducting rug pulls and other crypto heists, according to a separate report by Immunefi. The increased frequency of these scams is partly attributed to the proliferation of forked code on the BNB Chain, which recently underwent several hard forks—ZhangHeng, Plato, and Hertz—aimed at enhancing security. Despite these efforts, BNB Chain remains vulnerable, with $1.64 billion stolen since its inception in 2017. This figure is expected to rise as hackers continue to exploit high-value opportunities on the network.
Ethereum, another major blockchain network, has also been affected by numerous hacks and scams, resulting in substantial financial losses for its users. Although August saw a decrease in the overall amount of stolen crypto, the persistent targeting of platforms like BNB Chain and Ethereum underscores the ongoing challenges in securing digital assets in the evolving crypto landscape.
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