---
title: "Crypto industry losses to hacking decreased by 23% in Q1"
url: https://diffcoin.com/crypto-industry-losses-to-hacking-decreased-by-23-in-q1/
description: "In the first quarter of the year, the crypto industry lost $336.3 million to hacking, 23.1% less than last year."
published: 2024-03-29
updated: 2024-03-29
author: "Mila"
site: "Diffcoin"
---

# Crypto industry losses to hacking decreased by 23% in Q1

In the first quarter of the year, the crypto industry lost $336.3 million to hacking, 23.1% less than last year.

According to the Immunefi report, in the first three months of 2024, crypto projects lost more than $321 million due to 46 hacks and 15 fraudulent incidents.

Decentralized finance (defi) is a prime target for hackers, accounting for 100% of losses in the crypto industry. According to Immunefi CEO Mitchell Amador, defi suffers from frequent compromise of private keys.

> “Particularly, the ecosystem has witnessed a significant volume of losses due to private key compromises, emphasizing the critical need to secure both code and protocol infrastructure.”
> 
> Mitchell Amador, Founder and CEO at Immunefi

The number of hacker attacks in the first quarter of 2024 decreased by 17.5% compared to the same period in 2023. Attackers often exploited the Ethereum (ETH) network, the victim of 33 incidents. The BNB Chain (BNB) blockchain saw the second-most attacks, having been exploited 14 times. Ethereum and BNB Chain accounted for over 73% of the lost funds.

The largest hacks were attacks on the Orbit Bridge and the Munchables web3 gaming platform. Attackers stole over $81 million from Orbit and almost $63 million from Munchables. The pair were followed by PlayDapp and FixedFloat, which lost $32 million and $26 million, respectively.

![Crypto industry losses to hacking decreased by 23% in Q1 - 1](https://crypto.news/app/uploads/2024/03/Screenshot-2024-03-29-at-18.32.16-1024x870.png)

Source: Immunefi

Hacking remains the industry’s most popular method of crypto theft, accounting for 95.6% of total losses, while fraud accounts for only 4.4%. According to analysts, fraud cases have decreased by 22.4% over the past 12 months.

In 2023, hackers pulled out $19 million from crypto projects, compared to $14 million this year. However, only 22% of the stolen funds were returned this year at $73 million.

Notably, the centralized finance (cefi) sector did not lose anything in the first three months of 2024, while during the same period last year, it lost $1.8 million.

Follow Us on Google News

[Source link](https://crypto.news/crypto-hacking-losses-q1-2024/)