Crypto Losses Surge: Over $1.7 Billion Vanishes, Outpacing 2024 Totals

A recent report by blockchain security firm Immunefi reveals that crypto users have already lost over $1.7 billion this year, significantly exceeding last year’s total losses. The bulk of these losses stem from hacks in the DeFi space, including a historic $1.4 billion heist from Ethereum and Ethereum-related assets from the crypto exchange Bybit. Additionally, in April alone, hackers managed to steal nearly $100 million from various decentralized networks, with incidents targeting platforms such as UPCX and KiloEx. The report further indicates that Ethereum and BNB Chain were the most targeted, accounting for 60% of total blockchain losses. While established projects are reportedly honing their security measures, the overall landscape remains susceptible to high-profile cyberattacks, highlighting ongoing concerns about the vulnerability of DeFi networks.