Ethereum Ecosystem Loses $400M to Exploits in H1 2024, DeFi Suffers the Most: SlowMist Report

Cybersecurity firm SlowMist reports that the Ethereum ecosystem has lost $400 million to exploits so far this year, amid a 50% rise in crypto hacking incidents.

A recent report by cybersecurity firm SlowMist has revealed that the Ethereum ecosystem has lost a staggering $400 million to exploits in the first half of 2024, as part of a broader 50% increase in cryptocurrency hacking incidents.

According to SlowMist's 2024 Mid-Year Report, Ethereum suffered the most significant losses, followed by Arbitrum with $72.46 million and Blast with $70 million.

The report also highlights that Binance Smart Chain (BSC) experienced the highest number of security incidents, with 57 breaches leading to approximately $32.12 million in losses.

Overall, the digital assets industry faced 223 security incidents in H1 2024, resulting in $1.43 billion in losses. This marks a substantial increase compared to the $920 million lost in the same period in 2023.

“The crypto industry experienced a significant rise in security incidents during the first half of 2024, with total losses amounting to $1.43 billion,” the report states.

As per the report, decentralized finance (DeFi) was the most heavily targeted sector, with 158 incidents accounting for nearly 71% of all cases and $659 million in losses. This represents a 37.29% increase in DeFi-related losses compared to H1 2023.

SlowMist identifies contract vulnerabilities and exit scams as the primary causes of these exploits, having led to 56 and 50 incidents, respectively.

The escalating losses and incidents throughout the year underscore the growing need for enhanced security measures within the crypto ecosystem.

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