Crypto losses hit $67 million in February, pushing yearly losses to $200 million – Immunefi

Crypto losses hit  million in February, pushing yearly losses to 0 million – Immunefi

Crypto industry losses amounted to $67 million in February over 12 incidents, with hacks accounting for 97.54% of funds stolen, according to Immunefi’s latest crypto losses report.

Meanwhile, the remaining 2.46% of the funds stolen were lost due to fraud.

Despite the significant losses during the month, there was a notable decrease compared to January 2024, hinting at possible improvements in security measures or increased vigilance within the crypto community, the report said.

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February numbers

Crypto gaming platform PlayDapp and decentralized exchange FixedFloat accounted for the majority of losses with$32.35 million and $26.1 million, respectively. Duelbits, an online casino with crypto features, lost $4.6 million.

Together, those losses accounted for $63.05 million of February’s $67.07 million total losses. The remaining losses were spread across several platforms, with only RiskOnBlast and Blueberry Protocol losing more than $1 million.

According to the report, Ethereum was the most targeted chain with 12 attacks, while projects on BNB Chain and Bitcoin suffered one attack each during the month.

All of the incidents targeted DeFi platforms and services, while CeFi did not experience a single loss.

Yearly losses at $200 million

Crypto losses in February fell 50% compared to the $133 million lost in January across various incidents.

Combined losses for the year now stand at $200 million — 15.4% higher compared to the same period a year ago.

Despite the rise in losses year-over-year, a Peckshield report revealed that hacks and scams fell 27.78% compared to the same period in the previous year. This means its harder to execute hacks and fraud overall, showcasing increasing vigilance and security.

Immunefi’s January and February reports omitted certain attacks, including a $6.4 million attack on Seneca, a $6.2 million attack on LastPass users, a $6.5 million attack on the MIM stablecoin, and, most notably, a $112 million attack on Ripple co-founder Chris Larsen’s personal wallet.

If included, these hacks would bring the total amount lost to $198.1 million February and $398.1 million year-to-date.

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