By The Daily Hodl - 8 months ago - Reading Time: 2 minutes
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
Check Latest News Headlines
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
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.
Original source: The Daily Hodl