A new report from a bug bounty platform shows that the amount of crypto assets lost to hacks and fraud took a plunge in August.
According to Immunefi, $23,366,220 in digital assets were lost in August, marking a sharp drop from the $320,498,660 in losses recorded in July.
Crypto losses due to hacks and carpet pulls that occurred between January and August this year amount to $1,245,020,621.
The report says that hacks remain the leading cause of crypto losses, alongside fraud, scams and carpet pulling. In August, hacks lost $15,812,809 in 13 specific incidents, while fraud accounted for $7,553,411 in losses in four specific incidents.
“An analysis of the losses shows that fraud is responsible for 32.3% of total losses in August 2023, while hacks account for 67.7%.”
Decentralized finance (DeFi) continues to be the main target for exploits, accounting for 100% of total losses in August, as centralized finance (CeFi) platforms have not experienced major exploits 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 intended chain losses.
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Generated image: Midjourney