In April 2024, Web3 experienced a loss of over $53 million to hackers across 21 incidents, marking a 46% decrease compared to the previous period. The report by the crypto bug bounty platform Immunefi revealed that decentralized finance (DeFi) remained the main target for exploiters, with the attack on Hedgey Finance accounting for the majority of the losses at $44.6 million. Other high-profile exploits included Grand Base and Wilder token, with centralized finance (CeFi) seeing no attacks during the month.
Hacks were found to be the primary cause of losses, amounting to over $50 million across 12 incidents in April, while fraudsters stole just over $3 million in 9 incidents. Ethereum and BNB were once again the main targets, with Ethereum experiencing 15 attacks and accounting for 57.7% of all losses across chains, while BNB suffered six attacks representing 23.1% of total losses. Other chains targeted included Arbitrum, Optimism, Polygon, and Solana.
Looking at year-to-date (YTD) numbers, total losses in 2024 so far have reached $401,326,044, marking a 25% decrease compared to the same period last year which recorded $536.1 million in losses. April 2024 also saw a significant decrease from March, with losses falling from $133,235,200 to $53 million. Immunefi has offered over $157 million in bounty rewards, paying out more than $95 million in bounties and saving $25 billion in user funds.
In conclusion, the latest report from Immunefi highlights the ongoing threat posed by hackers to the Web3 ecosystem, with DeFi platforms remaining a popular target for exploiters. Despite a decrease in losses compared to previous periods, it is essential for projects and users to remain vigilant and implement robust security measures to protect against potential attacks. Immunefi’s bug bounty platform continues to play a crucial role in identifying and mitigating vulnerabilities, ultimately safeguarding user funds and promoting the growth of the Web3 ecosystem.
