In April 2024, Web3 saw a loss of over $53 million to hackers across 21 incidents, a 46% decrease when compared with the previous period, found the latest report by the crypto-focused bug bounty platform Immunefi.
To be more precise, $53,074,827 was lost to hacks and frauds this past month.
Notably, in April 2023, this number stood significantly higher, at $98,610,392.
The attack on Hedgey Finance accounts for most of the past month’s loss: $44.6 million was stolen.
This demonstrates that decentralized finance (DeFi) continues to be the main target for exploiters.
Other high-profile exploits include Grand Base ($2 million) and Wilder token ($1.4 million).
Centralized finance (CeFi) saw no attacks in April.
Ethereum is the Main Target for Web3 Hackers
Hacks are unsurprisingly the main cause of losses compared to fraud, accounting for more than $50 million across 12 incidents in April.
At the same time, fraudsters stole just above $3 million in 9 incidents.
Ethereum and BNB were the primary targets again last month.
Ethereum saw 15 attacks and 57.7% of all losses across chains.
BNB suffered six attacks, representing 23.1% of total losses.
Arbitrum recorded two incidents, while Optimism, Polygon, and Solana witnessed one incident each.
YTD Decrease
Overall, so far this year, the total losses year-to-date (YTD) come up to $401,326,044.
This is a decrease of 25% when compared to the same period last year, which recorded $536.1 million.
Also, there was a notable decrease in April 2024 compared to the month prior.
March 2024 recorded $133,235,200, falling to $53 million in April.
Meanwhile, the team said that Immunefi offers over $157 million in bounty rewards.
So far, it has paid out more than $95 million in bounties and saved $25 billion in user funds.
Read the full article here
