Losses from scams and hacks in Q3 declined by 40% compared to the previous year, but CEX hacks still pose a problem for the industry.
Losses from crypto hacks and scams declined by 40% year-over-year in the third quarter of 2024, falling to just $413 million, according to a Sept. 26 report from blockchain security platform Immunefi.
In the previous year, third-quarter losses were $685 million. Quarterly losses also declined by approximately 28% when compared to the second quarter of the current year.
Despite the good news, Q3 did witness some spectacular crypto hacks and exploits. According to the report, the largest hack of the quarter was against the WazirX crypto exchange, which resulted in a loss of $235 million, while the second largest was the $52 million BingX hack. Together, these hacks accounted for more than 69% of the total losses for the quarter.
