Crypto Hackers steal $409 million in Q3 2024: A report by Immunefi reveals the staggering amount of money that was stolen by hackers from both centralized and decentralized platforms in the third quarter of 2024. The report highlights that over $3 million of the stolen sum was attributed to hacks at BingX and WazirX, accounting for 69.5% of the total losses in the quarter. This shows that the threat from hackers in the crypto space is ever-present, with DeFi platforms also being targeted as the sector continues to grow with over $87 billion in total value locked.
The Immunefi report shows that hacks accounted for 99.25% of total funds lost in Q3 2024, while fraud cases represented just 0.75%. The $409 million stolen reflects a 40% decrease from the same quarter in 2023, where losses amounted to over $685 million. Some high-profile attacks in Q3 contributed to the significant losses, including breaches at Penipe protocol, Indodex, Ronin, LI.FI Protocol, and Bittensor. These incidents shed light on the vulnerabilities present in both centralized and decentralized platforms, emphasizing the need for increased security measures.
Although DeFi saw a higher number of incidents, CeFi platforms experienced more severe losses in Q3 2024. According to Immunefi founder and CEO, Mitchell Amador, private key management remains a significant vulnerability in CeFi. As a response to the mounting incidents, exchanges like WazirX are taking steps to recover from losses and rebuild. WazirX was granted a four-month restructuring moratorium by the High Court of Singapore, allowing the company time to restore affected clients’ crypto balances and adjust its operating protocols.
WazirX founder, Nischal Shetty, expressed gratitude for the support received during the challenging time and reassured users that the company is working tirelessly to resolve the issue. Shetty emphasized the importance of transparency and rebuilding trust with users as they move forward. The company is committed to ensuring transparency, rebuilding trust, and emerging stronger and more resilient from the cyberattack. It is essential for crypto platforms to prioritize security measures and proactive response strategies to mitigate the risks of hacking incidents.
