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The security services platform that offers protection against Web3 bugs \u2013 Immunefi \u2013 estimated that hackers and fraudsters have drained approximately $23.4 million worth of digital assets from crypto projects in August.<\/span><\/p>\n While the figure might sound significant, it is 92% less than the recorded losses in July when wrongdoers siphoned over $320 million.<\/span><\/p>\n As analyzed by the platform, the exact losses that crypto projects suffered due to such attacks in August are $23,366,220. Hacks accounted for almost 70% of the total sum ($15.8 million), and fraud made up an additional $7.5 million. Immunefi noted that DeFi organizations were the main target for bad actors last month, whereas CeFi \u201chasn\u2019t witnessed a single major exploit.\u201d<\/span><\/p>\n The blockchains that\u00a0<\/span>suffered<\/span><\/a>\u00a0the most individual attacks over the past 30 days are Ethereum, Base, and BNB Chain, representing around 62% of the total losses. Optimism was targeted twice, while Solana, Arbitrum, and Avalanche registered one incident each.\u00a0<\/span><\/p>\n One of the largest single frauds occurred on Magnate Finance \u2013 a lending protocol on the recently launched Base blockchain.\u00a0<\/span><\/p>\n As CryptoPotato\u00a0<\/em><\/span>reported<\/span><\/a>\u00a0last week, Magnate Finance pulled the rug just a few hours after the anonymous X (Twitter) user ZachXBT alerted the community about a possible fraud running on the platform. Magnate\u2019s deployer was found to have a connection with two DeFi projects that turned out to be exit scams \u2013 Solfire and Kokomo Finance.<\/span><\/p>\n Further analysis determined that the wrongdoer later bridged approximately $1 million of the drained assets to the BNB Chain. Following the scam, Magnate Finance\u2019s website went offline, while the team deleted the Telegram channel and the X account.<\/span><\/p>\n Apart from presenting the data for August, Immunefi outlined the dark stats in the past several months. It revealed that crypto hackers and fraudsters have stolen over $1.2 billion worth of digital assets since the beginning of the year across 211 specific events.\u00a0<\/span><\/p>\n July was one of the most active periods for wrongdoers, embezzling almost $320.5 million (92% more than the losses registered last month).\u00a0<\/span><\/p>\n Some of the notorious examples include the Multichain hack, the Curve Finance exploit, and the attack on crypto payments processor\u00a0<\/span>Alphapo.<\/span><\/a><\/p>\nLast Month\u2019s Numbers<\/span><\/h2>\n
The Recorded Losses Since the Start of 2023<\/span><\/h2>\n
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