Crypto Hacks, Rug Pulls Led to $473M Worth of Losses in 2024: Immunefi

[btc-1024mining]

Article Content: The article from CoinDesk highlights that in 2024, crypto hacks and rug pulls led to losses amounting to $473 million. This data comes from Immunefi, a security service that monitors vulnerabilities in decentralized finance (DeFi) projects.
Source: coindesk.com

[Reatim]

Article Content: The article from CoinDesk highlights that in 2024, crypto hacks and rug pulls led to losses amounting to $473 million. This data comes from Immunefi, a security service that monitors vulnerabilities in decentralized finance (DeFi) projects.
Source: coindesk.com

Hello can you please include the link of the actual article so that we can also read and verify for ourselves the content of the article? I appreciate you summarizing the content but some of us want to actually read it.

Anyway we are still in June and $473 million is already a huge money. Rug pulls being part of the causes of losses is no surprise as many projects are coming out and many are being victimized by these rug pulls. We need a much better quality projects instead of projects just waiting to rug pull.

[PrivacyG]

Hello can you please include the link of the actual article so that we can also read and verify for ourselves the content of the article? I appreciate you summarizing the content but some of us want to actually read it.

This is the article OP probably talks about,
https://www.coindesk.com/business/2024/05/30/crypto-hacks-rug-pulls-led-to-473m-worth-of-losses-in-2024-immunefi/

Anyway we are still in June and $473 million is already a huge money.

It is.  At least, there is a positive note to it.  According to the article, the amount stolen last month it is 12 percent less than last year.

But I repeat and I will repeat this infinitely until the problem is solved.  Most of these 'Hacks' still happen massively because the lack of interest of big platforms in solving the issues.  Try to create a Scam Google advertisement.  I doubt it will stay up on ANY big platform for too long.  Cryptocurrency Scam artists long live without any trouble, impersonating big personalities even.

[peter0425]

It is.  At least, there is a positive note to it.  According to the article, the amount stolen last month it is 12 percent less than last year.

We have come a long way but there’s still a longer path to take.

This is definitely (hopefully) the result of a much advanced technology that secures platforms containing cryptocurrencies. Since cryptocurrency is becoming more mainstream and we are also in a bull run, we should expect that there would be more hacks more than ever but the difficulty should risen if the percentage went down.

[Davidvictorson]

This is the article OP probably talks about,
https://www.coindesk.com/business/2024/05/30/crypto-hacks-rug-pulls-led-to-473m-worth-of-losses-in-2024-immunefi/

Thank you for sharing the link to the article. I have read it. My thoughts on it is that crypto companies have to do more in improving their security, securing our assets and ensuring that their users are protected from cyber attacks from these groups. The article even shows that even well-established platforms are like the main target. I am disappointed because these are the platforms that we expect to be almost impenetrable due to their widespread use. DeFi platforms need to step up their game and keep up pace with advanced security measures as more and more people get on their platforms.

[dzungmobile]

But I repeat and I will repeat this infinitely until the problem is solved.  Most of these 'Hacks' still happen massively because the lack of interest of big platforms in solving the issues.

Cryptocurrency projects can be launched as copies of previous ones and this style of project creation leads to more convenient and comfortable tasks for hackers.

If they succeed to find a security hole on, for example, one DeFi platform, they can easily expand their victim list to other ones with similar infrastructures. Open source leads to so many clone projects and more similar hacks. I don't think it will be resolved and prevented completely in this market and we will have cool down time before hackers find new security weakness to exploit.

[nelson4lov]

Article Content: The article from CoinDesk highlights that in 2024, crypto hacks and rug pulls led to losses amounting to $473 million. This data comes from Immunefi, a security service that monitors vulnerabilities in decentralized finance (DeFi) projects.
Source: coindesk.com

Almost if not all of these losses can be attributed to chains other than the Bitcoin network. For applications built on smart contract platforms (EVMs), they're inherently prone to bugs especially when developers become ignorant of very simple features that can lead to loss of funds for both the users and protocol at large. Hacks will continue to be a thing as long bugs exist in the code and the immutable nature of any and all code deployed unto an EVM chain.

[AmoreJaz]

But I repeat and I will repeat this infinitely until the problem is solved.  Most of these 'Hacks' still happen massively because the lack of interest of big platforms in solving the issues.

Cryptocurrency projects can be launched as copies of previous ones and this style of project creation leads to more convenient and comfortable tasks for hackers.

If they succeed to find a security hole on, for example, one DeFi platform, they can easily expand their victim list to other ones with similar infrastructures. Open source leads to so many clone projects and more similar hacks. I don't think it will be resolved and prevented completely in this market and we will have cool down time before hackers find new security weakness to exploit.

As projects can be created one after another, most of the developers behind these projects don't care much of their security. They are more on the possible profit that they can pocket out of the project. Hence, security is not of their main concern especially those substandard projects.

This is why at the end of the day, it is now on the user himself who needs to take care of his funds and security features of his assets. Hackers will always find a way how to siphon money over the net.

[adaseb]

Yeah yesterday Velocore, basically a dex on zksync was hacked. Around $10M was stolen from their liquidity pool. Basically the same way as a bridge getting hacked and their users who provided liquidity in the pool are all drained.

Velocore was actually suppose to be very secure because they passed security audit. But now we have proof that those audits are useless.

Pretty much every smart contract out there is prone to getting exploited. Never keep large amounts on any smart contract.

[hugeblack]

Most of decentralized finance (DeFi) bridges are centralized, which is why we hear the word hacking, but even some DeFi coins are centralized, which allows the freezing, removal or burning of hacked tokens, and the problem remains if Bitcoin or decentralized cryptocurrencies are stolen.
Therefore, withdraw your funds from the platform as soon as trading ends, use a well-programmed open source wallet.

[passwordnow]

This is a bullet from that article OP is talkin about:

• In May, $52 million was stolen with the majority of that being attributed to the Gala Games and SonneFinance hacks.
• Ethereum experienced the highest volume of hacks, with 43% of total losses.
• Over $2 billion was lost to hacks last year and $4.2 billion in 2022.

But even with these hacks and rug pulls, the market remained to be strong. And this only indicates that we're in a bull run that it doesn't affect anymore the entire market and compare with the market cap that it has got against these hacked amounts, they can move the market but it will recover as soon as possible. And these hacks from these big projects aren't going to stop, they're always the hot cakes in the eyes of the hackers regardless of what's the market sentiment, whether we're in a bull run or bear. In the past bear markets, we've got also a lot of it and I think in 2021 bull run, compared to the amount that this 1st and 2nd quarter of year has, it's more compared to the current.

[tread93]

Article Content: The article from CoinDesk highlights that in 2024, crypto hacks and rug pulls led to losses amounting to $473 million. This data comes from Immunefi, a security service that monitors vulnerabilities in decentralized finance (DeFi) projects.
Source: coindesk.com

Need to quote the actual link dude not just the website it came from. I would argue to say that figure is peanuts compared to what the actual figure is factoring in ransomeware hacks to corporations and individuals.

[Aanuoluwatofunmi]

Article Content: The article from CoinDesk highlights that in 2024, crypto hacks and rug pulls led to losses amounting to $473 million. This data comes from Immunefi, a security service that monitors vulnerabilities in decentralized finance (DeFi) projects.
Source: coindesk.com

We have been seeing this happening over time that many projects go on rug pull, we have to know well what we are investing on, but the good news about all these is that the whole thing is going on a decline, if you're to compare from the way backward to this present moment, we have been having a decreasing rate on hacks and rug pull, which also tells that the more the widespread of bitcoin the more people are getting knowledge about it and are trying to avoid being scammed.

[mk4]

This is definitely (hopefully) the result of a much advanced technology that secures platforms containing cryptocurrencies. Since cryptocurrency is becoming more mainstream and we are also in a bull run, we should expect that there would be more hacks more than ever but the difficulty should risen if the percentage went down.

I think it's both the fact that developers have learned a lot from the past hacks, and hopefully the fact that people in general are smarter and are more skeptical nowadays.

With that said, as far as I remember we haven't had a major defi protocol hack in 2024 yet? Obviously it's not that we need one every year, but that fact makes the hairs on my back stand.

[ardentvolcanoes]

Article Content: The article from CoinDesk highlights that in 2024, crypto hacks and rug pulls led to losses amounting to $473 million. This data comes from Immunefi, a security service that monitors vulnerabilities in decentralized finance (DeFi) projects.
Source: coindesk.com

We have been seeing this happening over time that many projects go on rug pull, we have to know well what we are investing on, but the good news about all these is that the whole thing is going on a decline, if you're to compare from the way backward to this present moment, we have been having a decreasing rate on hacks and rug pull, which also tells that the more the widespread of bitcoin the more people are getting knowledge about it and are trying to avoid being scammed.

Investors are getting smarter now, they just don't invest on hype, they have learn their lessons very well and just don't want to put their money on high risk projects.
For scams and others, the game though is increasing, hackers are sophisticated, so still up to us to practice safety hygiene.

I think the numbers will still continue to decline overtime because again we could be evolving and learning.
Developers ensuring their codes are foul-proof because releasing it to production.