An unstoppable advancement of blockchain and Web3 has created new opportunities for hackers and scammers, and the market loses billions of dollars in crypto hacks annually.
Immunefi, a blockchain cybersecurity firm, released a report based on hacks and funds wiped out across the industry. The crypto industry lost over $200 million in two months in 2024. In February, hackers looted $70 Million, a slight decline in hacks.
The report ‘Crypto Losses in the February 2024 Report’ also highlights that Web3 had mirrored a loss of $200,478,42 from rug pulls and hacks in 2024 YTD. The amount that went out of the market was collected from 32 hacks from Web3-based firms.
Source: Immunefi
The lead of communication at Immunefi quoted while talking to a crypto media outlet that “A major boost in losses in cryptocurrencies from compromising wallet and private key is observed, Immunefi also evaluated that the losses are close to 30% of total losses year to date.”
“We exp
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