CeFi Overtakes DeFi and Surges to 70% of Total Crypto Losses in Q2, $572 Million Stolen Overall
The second quarter of this year saw quite a significant shift: centralized finance (CeFi) was the main target of successful exploits – with 70% of the total losses. This is according to the latest report by the major bug bounty and security services platform Immunefi.
Meanwhile, decentralized finance (DeFi) recorded 30% of the total losses.
This is a significant change, as a few earlier reports showed CeFi suffering no losses, with 100% of it recorded by DeFi.
In Q2 this year, CeFi suffered $401,400,000 in total losses across 5 incidents. This is a whopping 984% increase compared to $37,000,000 in Q2 2023.
On the other hand, DeFi saw $171,288,861 in total losses across 62 incidents. This is a 25% decrease compared to Q2 2023 when DeFi losses totaled $228,481,519, the report said.
According to Mitchell Amador, Founder and CEO at Immunefi, this quarter “highlights how infrastructure compromises can be the most devastating hacks in crypto, as a single compromise can lead to millions in damages.”
This was evident in Q2, he said. Losses surged primarily due to hacks targeting CeFi infrastructure, surpassing DeFi, despite fewer hacks in that sector.
“Robust measures to safeguard the entirety of the ecosystem are crucial,” he added.
Meanwhile, Ethereum and BNB Chain again accounted for the majority of the chain losses, totaling 71%.
Ethereum, with 34 incidents (46.6% of the total losses), once again surpassed BNB Chain with 18 incidents (24.7%), becoming the most targeted chain.
Immunefi said it looked at all instances where blackhat hackers had exploited crypto protocols, as well as alleged rug pulls in Q2 2024.
Overall, the team found 72 incidents, including successful and semi-successful hacking attempts and alleged fraud.
In total,
Read more on cryptonews.com
