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Crypto Hacks Accounts For 96% And Scams Only 4%- Immunefi

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As blockchain and its byproducts debuted in the market, bad actors and hackers entered the market from the back gate. In the past few years, the hackers have troubled cryptocurrency and Web3 firms, stealing Billions of dollars.

Immunefi, a security and blockchain analysis firm, notes that the losses to Web3 hacks and scams slipped 23% in Q1 2024 compared to 2023. The report further details that the total amount lost in Q1 2024 is $336 Million; in Q1 2023, it was $437 Million. 

From the entry losses, hacks particularly accounted for 96%, and scams and other activities accounted for 4%. 

The Chief Executive Officer of Immunefi, Mitchell Amador, said, “While it’s positive that overall losses have decreased, it’s essential to note that DeFi faced significant challenges, accounting for 100% of total losses in Q1 2024,” he adds “Particularly, the ecosystem witnessed a considerable volume of losses due to private key compromises, emphasizing the critical need to secure both code and protocol infrastructure.” 

Ethereum and BNB blockchains are termed to be hackers’ favorites. Approximately 33 attempts were made to wipe funds from Ethereum, and 14 such incidents were reported on the BNB chain.

The Munchables attack was worth $63 Million, and Orbit Bridge lost $82 Million due to hackers and their activities. A company unveiling rug pulls in the market has identified the theft and tracked the wallet address. The firm informs that the tracked wallet held $17,411 in Ethereum.

The available information states that an existing employee stole from Munchables. However, the firm did not confirm the involvement of any employee.

Other News

TRM Labs, a blockchain analysis firm, released its report titled “ The Illicit Crypto Economy” on March 27, 2024. The report discusses all aspects of crypto and illegal activities in 2023. 

The published document highlights that “Tron Network accounted for 45% of all illicit volume in 2023.” Primarily, the Tron was established by Justin Sun, who completed his education at Peking University and the University of Pennsylvania. 

OpenAI has recently launched a new voice cloning technology called “Voice Engine.” This product can replicate human voice and other voice patterns from a few small samples.

As per the official press release, “It is notable that a small model with a single 15-second sample can create emotive and realistic voices.” ChatGPT was one of the most influential when it was launched and gained over a million users in a few days. 

Crypto Market Price Overview 

According to CoinMarketCap, the global cryptocurrency market capitalization is $2.66 Trillion, and the market’s intraday trading volume is $63.7 Billion. Bitcoin (BTC) price flourished 7.83% in the past 24 hours.

Ethereum (ETH) has added 6.65% to its trading price in the past seven days; at the time of writing, it was trading at $3,607.53. 


The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.

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