Losses from scams and exploits increased in the second quarter as centralized exchanges lost millions, reversing a previous downtrend.
Crypto losses from hacks and scams more than doubled in the second quarter of 2024 compared to the same period the previous year, according to research from blockchain security platform Immunefi.
Over $572 million was lost in Q2, compared to only $220 million in Q2 of 2023. Centralized exchange hacks made up the bulk of the losses in the quarter.
Prior to the second quarter, losses from hacks and scams had been declining, with Immunefi reporting a 23% reduction in Q1. This decline continued through April and most of May, but losses dramatically increased at the end of May and June.
