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.

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.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Generated Image: Midjourney