A new report from a bug bounty platform shows that the amount of crypto assets lost to hacks and frauds took a dive in August.
According to Immunefi, $23,366,220 worth of digital assets were lost in August, marking a sharp decline from the $320,498,660 worth of losses recorded in July.
Crypto losses from hacks and rug pulls that occurred between January and August this year amount to $1,245,020,621.
The report says hacks remain the leading cause of crypto losses topping frauds, scams and rug pulls. In August, $15,812,809, were lost to hacks across 13 specific incidents while frauds account for $7,553,411 in losses across four specific incidents.
“An analysis of the losses shows that fraud accounts for 32.3% of the total losses in August 2023, while hacks account for 67.7%.”
Decentralized finance (DeFi) is still the primary target for exploits, accounting for 100% of the total losses in August as centralized finance (CeFi) platforms did not experience a major exploit during this period.
Ethereum (ETH) is the most targeted chain with five individual attacks. The Coinbase-backed Base protocol, which just launched in early August, and BNB Chain follow with four incidents each. These three networks represent more than half of the total targeted chain losses.
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