Thu Sep 26 13:01:34 UTC 2024: ## Crypto Hackers Steal $409 Million in Third Quarter, Targeting DeFi and Exchanges

**London, UK -** Cryptocurrency hackers stole a staggering $409 million in the third quarter of 2023, according to a new report by Immunefi, a bug bounty platform. While this figure represents a 40% decrease compared to the previous quarter, it highlights the ongoing vulnerability of the crypto industry to cybercrime.

The report found that most of the losses stemmed from hacks targeting cryptocurrency exchanges, with India’s WazirX losing $235 million and Singapore’s BingX losing $52 million.

“We’re seeing a higher number of incidents targeting DeFi, while CeFi experiences fewer incidents but often with more severe consequences,” said Mitchell Amador, founder and CEO of Immunefi. “The biggest infrastructural issue in CeFi is private key management, which is essential for self-custody of crypto assets but is not typically subject to security audits.”

The report also identified the Ethereum blockchain as the most frequent target for hackers, with 15 reported thefts.

Despite the losses, there were also two successful instances of funds being recovered after being stolen. Ronin Network recouped $10 million from a $12 million hack, and ShezmuTech reclaimed all $4.9 million that was stolen.

The report emphasizes the significant opportunity presented by the increasing amount of capital locked in DeFi protocols for hackers. With a total value locked (TVL) of $87.2 billion, DeFi remains a prime target for cybercriminals.

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