Immunefi: Crypto losses from hacking and fraud fell 23% in Q1 2024

Cryptocurrency industry losses due to hacks and scams fell 23% in the first quarter of 2024 compared to the same period last year, according to security services platform Immunefi. Hacking remains the leading cause, accounting for 96% of losses, while fraud accounts for 4%. According to the report, Ethereum and BNB Chain are the two most attacked chains, with Ethereum suffering the most individual attacks with 33 cases, followed by BNB Chain with 14 cases. The two largest exploits were launched against Orbit Bridge, which stole approximately $82 million, and Munchables, which stole $63 million. The two incidents accounted for 43% of first-quarter losses. Immunefi said that approximately $74 million, or 22% of the stolen funds, were recovered, including all funds stolen from Munchables, an NFT game on Ethereum L2 Blast.