Crypto Hacks, Rug Pulls Led to $473M Worth of Losses in 2024: Immunefi

As a researcher with several years of experience in the field of cybersecurity and cryptocurrencies, I find the recent report by Immunefi on the state of crypto hacks and exploits in 2024 deeply concerning. With over $473 million worth of cryptocurrency lost across 108 incidents, this is a stark reminder of the risks associated with investing in this space.

I, as an analyst, have reviewed a report published by Immunefi, a renowned security service provider, which reveals that approximately $473 million in cryptocurrency value was misappropriated through hacks and rug pulls during 108 distinct incidents in the year 2024.

As a crypto investor, I’ve observed that in May 2024, a significant amount of cryptocurrencies worth approximately $52 million were stolen from various platforms. Among the hardest hit were Gala Games and SonneFinance, which suffered losses of around $21 million and $20 million respectively due to hacking incidents. This represents a decrease of about 12% compared to the amount stolen in May 2023.

As a crypto investor, I’ve noticed that the decentralized finance (DeFi) sector continues to be a prime target for hackers. In contrast, centralized finance companies managed to avoid any attacks in the year 2024, according to the recent report.

Last year, approximately $2 billion were stolen through hacks and exploits, representing nearly half of the total amount lost in the preceding year. The notorious North Korean hacking collective, Lazarus, is believed to be behind around $3 billion in cryptocurrency losses over the past six years.