Crypto losses due to hacks and scams fall to $413 million in Q3: Immunefi
The crypto industry racked up $413 million in losses due to hacks and scams during the third quarter of this year across 34 incidents so far, according to the latest report from web3 bug bounty and security services platform Immunefi.
The losses represent a 28% decrease on the $573 million worth of exploits in Q2 and a 40% decrease compared to Q3 2023 when hackers and fraudsters stole $686 million. More than $1.3 billion has been stolen via hacks and fraud year-to-date, down by 4% compared with the same period last year, per Immunefi data.
With nearly $90 billion of total value locked in web3 protocols, according to DeFiLlama data, decentralized finance remains a primary target for hackers, accounting for 31 of the 34 incidents identified by Immunefi in Q3. However, centralized finance was hit harder regarding the amounts stolen, accounting for 74.8% ($309 million) of losses during the quarter compared to 25.2% ($104 million) for DeFi.
“We're seeing a higher number of incidents targeting DeFi, while CeFi experiences fewer incidents but often with more severe consequences, with hundreds of millions in stolen funds in a single exploit,” Immunefi founder and CEO Mitchell Amador told The Block.
