According to Immunefi's annual "Crypto Losses in 2024" report, the Web3 ecosystem suffered a staggering $1,495,487,055 in total losses across 232 specific incidents. While this figure represents a roughly 17% decline from 2023's $1.8 billion, the security firm warns the trend is misleading and the situation is worsening dramatically.
Hacks dominated the breakdown, accounting for 98.1% of all losses, with fraud, scams, and rug pulls making up just 1.9%. The year was defined by two massive CeFi (Centralized Finance) private key breaches: the $305 million hack of Japanese exchange DMM Bitcoin in May and the $235 million breach of Indian exchange WazirX in July. Together, these two incidents accounted for approximately 36% of all 2024 losses.
This marked a significant shift, with CeFi losses surging 77.5% year-over-year to $726.2 million across just 11 incidents. In contrast, DeFi (Decentralized Finance) losses fell 44.8% to $769.3 million across 221 incidents, indicating centralized platforms are becoming the highest-value targets. Q2 2024 was the worst quarter, recording $572.7 million in losses, a 115.7% increase from Q2 2023. Ethereum and BNB Chain remained the most targeted networks.
The alarm bells are ringing louder for 2025. Immunefi's more recent data shows that year-to-date losses through Q1 2025 have already hit $1.64 billion, exceeding the entirety of 2024's losses in just three months. This surge is largely attributed to the $1.4 billion Bybit hack.
A separate Immunefi report, the "2026 State of Onchain Security" report, provides a broader, more damning perspective. Analyzing 425 publicly known hacks between 2021 and 2025, it found total losses reached $11.9 billion, with crypto hacks costing affected companies an average of $25 million per incident. The damage is highly concentrated; just five mega-hacks accounted for 62% of total losses across the five-year period.
The pace is accelerating. In 2024 and 2025 alone, 191 hacks drained $4.67 billion, representing nearly 40% of the five-year total. Centralized exchanges bore the heaviest recent losses, with 20 exchange hacks accounting for $2.55 billion, or 55% of the 2024-2025 total.
The fallout extends beyond immediate theft. The report quantified that hacked tokens experience a median 61% price decline within six months of a breach, with 83.9% remaining below their hack-day price after that period. Immunefi CEO Mitchell Amador stated that breaches signal deeper issues, causing "sustained token price suppression, reduced treasury capacity, leadership disruption, lost development time, and erosion of user trust." He further warned that nearly 80% of crypto projects that suffer major hacks never fully recover.
Perhaps the most alarming finding is that, according to Amador, over 90% of crypto projects still contain critical, exploitable vulnerabilities, suggesting the systemic risk is ongoing and structural. The report arrives as the Crypto Fear & Greed Index sits at 23, firmly in "Extreme Fear" territory, with security concerns becoming a dominant market theme.
