Crypto Hacks Recap: February 2024 Witnesses Industry Loss of $67 Million

The crypto industry faced a significant setback in February 2024, with losses amounting to a substantial $67 million. The majority of these losses were due to hacks, accounting for 97.54% of the damage, while the remaining losses were attributed to fraud. However, it is worth noting that the losses were slightly lower than those in January 2024, indicating potential improvements in security or increased caution among the crypto community.

Among the biggest losers in February were PlayDapp, FixedFloat, and Duelbits, which collectively accounted for $63 million in losses. PlayDapp, a crypto gaming platform, suffered a loss of $32.35 million, while FixedFloat, a decentralized exchange, lost $26.1 million. Even Duelbits, an online casino with crypto features, experienced a loss of $4.6 million.

Ethereum emerged as the primary target in February 2024, facing 12 attacks, while projects on the BNB Chain and Bitcoin each encountered one attack. DeFi platforms bore the brunt of these attacks, constituting 97.54% of the total losses, while CeFi remained unscathed.

The crypto industry’s total losses for the year reached $200 million, marking a 15.4% increase compared to the same period last year. It is important to note that certain attacks were not included in the January and February reports, such as incidents involving Seneca, LastPass users, the MIM stablecoin, and a $112 million attack on Ripple co-founder Chris Larsen’s wallet. If these incidents were included, February’s losses would skyrocket to $198.1 million, with year-to-date losses reaching a staggering $398.1 million.

In light of the rising number of DeFi hacks, it is crucial to prioritize crypto security. Collaborative efforts between platforms and experts are needed to identify and address vulnerabilities.