August 2024 suffered ‘only’ a $15 million loss in five DeFi hacks.
It appears that August was a better month in terms of crypto security. The largest bug bounty and security services platform Immunefi has released its most recent report, which shows that it saw the lowest loss this year when compared to previous months.
August witnessed hackers taking $15,082,000 in five specific incidents.
Most of it was lost in hacks of a DeFi protocol called Nexera, which lost $1.5 million, and a gaming-focused network called Ronin Network, which lost $12 million.
The $15 million marks the lowest loss year-to-date (YTD), the Immunefi team said.
Furthermore, this is a 94.5% decrease month-over-month.
It is also a notable 38% decrease from August 2023. At the time, registered losses stood at $24,581,220.
In total, the ecosystem lost a whopping $1,210,741,330 YTD in 154 specific incidents.
Notably, May alone witnessed over $358 million stolen. This is the highest monthly loss YTD.
May’s loss is followed by $274 million lost in July this year.
January, March, and June have losses ranging from $133.2 million to $141.5 million, which is comparable.
February and April saw lower stolen sums than other months this year, hovering around the $70 million mark, though still nowhere near as high as August.
100% DeFi Hacks
Based on the total amount of money lost, centralized finance (CeFi) did not hold the top spot for very long.
Decentralized finance (DeFi) once again overtook it in August. Furthermore, DeFi-related attacks resulted in the loss of 100% of the funds.
This means that DeFi alone suffered the $15 million loss across 5 incidents.
There were no reported CeFi incidents in August.
At the same time, we see no fraud, only hacks.
Even though fraud was still the least common cause of losses, in August, hacks accounted for all losses and crypto security breaches.
This means that the entire $15 million loss and the five incidents were hacks alone.
Unsurprisingly, the most targeted chains in August were Ethereum and BNB Chain.
Ethereum suffered 3 attacks, resulting in 60% of the total losses.