More Than $23,000,000 Worth of Crypto Lost to Hacks and Frauds in August: Bug Bounty Platform Immunefi

A new report from a bug bounty platform shows that the amount of crypto assets lost to hacks and frauds took a dive in August.

According to Immunefi, $23,366,220 worth of digital assets were lost in August, marking a sharp decline from the $320,498,660 worth of losses recorded in July.

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Crypto losses from hacks and rug pulls that occurred between January and August this year amount to $1,245,020,621.

The report says hacks remain the leading cause of crypto losses topping frauds, scams and rug pulls. In August, $15,812,809, were lost to hacks across 13 specific incidents while frauds account for $7,553,411 in losses across four specific incidents.

“An analysis of the losses shows that fraud accounts for 32.3% of the total losses in August 2023, while hacks account for 67.7%.”

Decentralized finance (DeFi) is still the primary target for exploits, accounting for 100% of the total losses in August as centralized finance (CeFi) platforms did not experience a major exploit during this period.

Ethereum (ETH) is the most targeted chain with five individual attacks. The Coinbase-backed Base protocol, which just launched in early August, and BNB Chain follow with four incidents each. These three networks represent more than half of the total targeted chain losses.

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The post More Than $23,000,000 Worth of Crypto Lost to Hacks and Frauds in August: Bug Bounty Platform Immunefi appeared first on The Daily Hodl.

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