A new report from the bug bounty platform shows that the number of crypto assets lost to hacks and scams dropped sharply in August.
According to Immunefi, August wiped out $23,366,220 worth of digital assets, marking a sharp decline from the $320,498,660 loss recorded in July.
Cryptocurrency losses from hacks and carpet pulling that occurred between January and August this year amounted to 1,245,020,621 #USD.
The report says hacks remain the leading cause of cryptocurrency losses, topped by fraud, scams and carpet pulling. In August, losses from hacking were $15,812,809 in 13 specific incidents while frauds cost $7,553,411 in four specific incidents.
“An analysis of losses shows that fraud accounted for 32.3% of total losses in August 2023, while hacks accounted for 67.7%.”
DeFi remains the main mining target, accounting for 100% of total losses in August as CeFi did not experience a single major mining attack during the period.
Ethereum was the most targeted chain with five individual attacks. The Base protocol supported by Coinbase, which launched in early August, and BNB Chain, both recorded four incidents per protocol. These three kills account for more than half of the target chain's total damage.
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