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🚨 ~$413M Lost to Crypto Hacks & Fraud in Q3 2024 🚨 The latest Immunefi report highlights another challenging quarter for the crypto space, with $413 million lost to hacks and fraud. Here are the key takeaways from Q3 2024: 💡 Key Insights: ▶️ Hacks accounted for 99.25% of all losses, while fraud contributed only 0.75% ▶️ CeFi was hit the hardest, suffering 74.8% of the losses, while DeFi accounted for 25.2% ▶️ The 2 biggest exploits alone (BingX and WazirX) cost $287M, which is 69.5% of all losses 📉 Notable Trends: ▪️ Total losses for Q3 decreased by 40% compared to Q3 2023, but July was a brutal month with $281M lost ▪️Ethereum and BNB Chain were the most targeted chains: Ethereum faced 15 attacks, BNB 8, and Base 2 ▪️Despite fewer attacks overall (down 54% YoY), hackers are becoming more targeted and effective 🎯 💰 Recovery Efforts: ▪️Only 3.6% of stolen funds have been recovered, a drop compared to 8.9% in Q3 2023 ▪️Still, $14.9M has been reclaimed in two specific cases 🔐 Hacks vs Fraud: So far in 2024, $1.33B has been lost across the crypto ecosystem due to hacks and fraud, down slightly by 3.9% YoY Despite $413M in losses this quarter, we're seeing progress—losses are down 40% from last year. At #Immunefi, we’re committed to securing the future of Web3, one step at a time. #Web3Security #DeFi #Web3 #Hacks #CryptoLosses