Crypto Hackers Steal $200 Million in 12 February Attacks, Contributing to $67 Million in Annual Losses

The crypto industry faced its largest rug pull event in February 2024, resulting in a total loss of $67 million across 12 incidents. Hacks were the primary cause, accounting for 97.54% of the stolen funds, while the remaining losses were attributed to fraud. However, there was a significant decrease in losses compared to January 2024, indicating potential improvements in security measures or increased vigilance within the crypto community.

A recent report by Immunefi reveals that the crypto market suffered a staggering $200 million loss from hacks and frauds in February. The majority of these losses were attributed to the crypto gaming platform PlayDapp and the decentralized exchange FixedFloat, which amounted to $32.35 million and $26.1 million, respectively. Duelbits, an online casino with crypto features, also lost $4.6 million. These incidents accounted for $63.05 million of the total losses in February.

According to the report, Ethereum was the most targeted blockchain in February 2024, with 12 attacks. BNB Chain and Bitcoin each experienced one attack. All of these incidents targeted DeFi platforms, which constituted 97.54% of the total losses. Interestingly, CeFi platforms did not experience any losses.

The yearly losses in the crypto industry now amount to $200 million, reflecting a 15.4% increase compared to the same period last year. It is worth noting that certain attacks were not included in the reports for January and February, such as the attacks on Seneca, LastPass users, the MIM stablecoin, and the $112 million attack on Ripple co-founder Chris Larsen’s wallet. If these attacks were included, the total losses for February would amount to $198.1 million, and the year-to-date losses would reach $398.1 million.

In conclusion, as DeFi hacks continue to rise, it is crucial to strengthen crypto security. Platforms and experts must collaborate to address vulnerabilities and educate users on safe practices. These efforts will protect assets and foster trust in the crypto realm.

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