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Home»ALTCOIN NEWS»Ethereum Ecosystem Loses $400 Million This Year, Crypto Hacks Increase by Over 50%: SlowMist
ALTCOIN NEWS

Ethereum Ecosystem Loses $400 Million This Year, Crypto Hacks Increase by Over 50%: SlowMist

By Crypto FlexsJuly 7, 20242 Mins Read
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Ethereum Ecosystem Loses 0 Million This Year, Crypto Hacks Increase by Over 50%: SlowMist
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The Ethereum (ETH) ecosystem has suffered $400 million in exploits this year, with cryptocurrency hacks up 50%, according to new research from cybersecurity firm SlowMist.

According to SlowMist’s 2024 mid-year report, the second-largest digital asset by market cap lost the most funds due to ecosystem exploitation, followed by layer 2 scaling solutions Arbitrum (ARB) and Blast.

“From an ecosystem perspective, Ethereum suffered the biggest loss, at $400 million. Next was Arbitrum, with a loss of $72.46 million, and Blast, with a loss of $70 million.

Additionally, Binance Smart Chain (BSC) experienced a total of 57 security incidents, with losses amounting to approximately $32.12 million.”

The company said its own research found that the digital asset industry suffered a total of 223 security incidents in the first half of 2024, resulting in a total loss of $1.43 billion. This figure is up more than 50% from the $920 million lost in the first half of 2023.

SlowMist points out that decentralized finance (DeFi) is the most attacked sector in the cryptocurrency sector, accounting for approximately 71% of all incidents in the first half of the year.

“From a project track perspective, DeFi is the most frequently attacked area. In the first half of 2024, there were 158 DeFi security incidents, accounting for 70.85% of all incidents, with losses reaching $659 million.

Compared to the first half of 2023 (111 accidents, loss of approximately $480 million), this represents a 37.29% increase in loss year-over-year.”

According to SlowMist, the top two causes of malicious attacks were contract vulnerabilities and opt-out fraud, accounting for 56 and 50 incidents, respectively.

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