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Immunefi\u2019s 2024 report finds $1.5b lost across 232 incidents, with CeFi key compromises driving a handful of mega-hacks while early 2025 losses already race past last year.<\/p>\n
\n Summary<\/span>\n <\/p>\n <\/p>\n The blockchain security industry is sounding the alarm after another year of devastating losses. According to Immunefi\u2019s annual \u201cCrypto Losses in 2024\u201d report, the Web3 ecosystem suffered $1,495,487,055 in total losses across 232 specific incidents \u2014 underscoring a persistent, systemic vulnerability that continues to erode confidence in decentralized finance.<\/p>\n <\/p>\n Hacks dominated the breakdown, accounting for 98.1% of all losses, with fraud, scams, and rug pulls making up just 1.9%. While the headline figure represents a roughly 17% decline compared<\/a> to 2023 \u2014 when losses surpassed $1.8 billion \u2014 analysts warn the improvement is misleading, given that a small number of catastrophic incidents continue to skew the totals.<\/p>\n Two attacks alone accounted for approximately 36% of all 2024 losses: the $305 million hack of Japanese exchange DMM Bitcoin in May, and the $235 million breach of Indian exchange WazirX in July. Both incidents involved compromised private keys targeting centralized finance (CeFi) infrastructure \u2014 a trend that marked a significant shift from previous years, when decentralized protocols bore the brunt of attacker activity.\u200b<\/p>\n CeFi losses surged 77.5% year-over-year to $726.2 million across just 11 incidents in 2024, while DeFi losses fell 44.8% to $769.3 million across 221 incidents. The numbers reveal a troubling paradox: centralized platforms, despite being fewer in number, are increasingly proving to be the highest-value targets.\u200b<\/p>\n Q2 2024 was the most damaging quarter, recording $572.7 million in losses across 72 incidents \u2014 a 115.7% increase compared to Q2 2023. May alone accounted for $358.5 million of those losses, driven primarily by the DMM Bitcoin attack.<\/p>\n Ethereum and BNB Chain remained the most targeted networks throughout the year, a pattern consistent with previous annual reports from Immunefi.\u200b<\/p>\n Meanwhile, Immunefi\u2019s more recent data signals that 2025 could surpass 2024 significantly. Year-to-date losses through Q1 2025 already reached $1.64 billion \u2014 largely due to the $1.4 billion Bybit hack \u2014 exceeding the entirety of 2024\u2019s losses within just three months.<\/p>\n Immunefi CEO Mitchell Amador has warned that the structural vulnerabilities extend beyond stolen funds. According to Amador, nearly 80% of crypto projects that suffer major hacks never fully recover, with operational paralysis and reputational collapse compounding the initial financial damage.\u200b<\/p>\n Immunefi<\/a> currently protects over $190 billion in user funds<\/a> and has facilitated more than $25 billion in prevented hacks through its bug bounty programs, which have paid out record-setting bounties including $10 million for a Wormhole vulnerability.<\/p>\n The data makes one thing clear: as crypto markets grow, so does the appetite \u2014 and sophistication \u2014 of those looking to exploit them.<\/p>\n <\/p><\/div>\n\n\n