Crypto losses from attacks and fraud in the 2nd quarter exceeded $572 million

Researchers note that the entire Web3 ecosystem suffered losses of more than $572 million for April, May and June, compared to $265.4 million in the second quarter of 2023. An overwhelming 98.5% of these losses were the result of hacking attacks, fueled by a $305 million exploit on Japanese cryptocurrency exchange DMM Bitcoin in late May and a $55 million hack on Turkish exchange BtcTurk.

Fraud, scams and rug-pulling accounted for approximately $8.45 million in losses in the second quarter, down 81% from the same quarter last year. Five incidents in centralized finance (CeFi) projects accounted for 70% of the total amount of stolen proceeds, compared to 62 incidents in decentralized finance (DeFi) protocols, which accounted for only 30%.

Ethereum (ETH) faced hacker attacks most often: 34 incidents occurred on the blockchain, which accounted for 46.6% of losses across all networks. BNB came in second with 18 incidents, accounting for 24.7%. Immunefi noted that several second-level Ethereum projects were also attacked, and repeatedly: Arbitrum ranks third with four incidents, accounting for 5.5% of total network losses. Next come Blast and Optimism, with three incidents each. Other networks, such as Polygon, Solana, Fantom, Linea, Mantle, TON and others, together account for 15% of the total number of incidents.