CRYPTO LOSSES
IN JANUARY 2024
PREPARED BY IMMUNEFICrypto Losses: January 2024
ANALYSIS• In January 2024, $126,782,617 was lost due to hacks and fraud across19 specific incidents.

January 2023 vs. January 2024
$126,782,617• This represents a 6x increase from January 2023, when registeredlosses were $21,021,800, and a 2.8x increase from December 2023,
which recorded losses of $45,369,855.
• In January 2024, DeFi was the main target for exploits, while CeFi
hasn't witnessed a single major attack.
• Hacks continued to be the predominant cause of losses as comparedto fraud. In January 2024, a total of $122,709,800 was lost due tohacks across 14 specific incidents.

$21,021,800• The most targeted chains in January 2024 were Ethereum and BNB
Chain, representing more than 58% of the total losses.

January 2023

• Most of that sum was lost in two specific projects: Orbit Bridge, thebridging service of the cross-chain protocol Orbit Chain, incurred aloss of $81,550,000; and Gamee (GMEE token), a blockchain gaming
project, suffered an attack that resulted in a $15,000,000 loss.

January 2024

PREPARED BY IMMUNEFI

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Top 10 Losses in January 2024
Orbit Bridge$81,550,000

GMEE$15,000,000

Coinspaid$7,500,000

Gamma Strategies$6,200,000

Radiant Capital$4,500,000

Socket, Bungee Bridge$3,300,000

MangoFarm$2,000,000

Concentric Finance$1,800,000

Goledo Finance$1,700,000

Narwhal$1,500,000

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Hacks vs. Fraud Analysis
In January 2024, hacks continued to be the predominant cause of losses ascompared to fraud, scams, and rug pulls. An analysis of the losses shows thatfraud accounts for 3.2% of the total losses in January 2024, while hacks account for
96.8%.

Hacks vs. Fraud
January 2024
Fraud
3.2%

OVERVIEW• Hacks
In total, we have seen a loss of $122,709,800 to hacks in January 2024 across 14
specific incidents.
• Fraud
In total, we have seen a loss of $4,072,817 to fraud in January 2024 across 5
specific incidents.

Hacks
96.8%
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DeFi vs. CeFi Analysis

DeFi vs. CeFi
January 2024

In January 2024, DeFi became the main target for exploits in terms of funds lost,compared to CeFi. CeFi hasn't witnessed a single major exploit. This was primarily
led by the high-profile attacks on Orbit Bridge, GMEE, Coinspaid and Gamma
Strategies.

OVERVIEW• DeFi
DeFi has suffered $126,782,617 in total losses in January 2024 across 19incidents.
• CeFi
CeFi has not suffered from an attack in January 2024.

DeFi
100.0%
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Losses by Chain
The most targeted chains in January 2024 were Ethereum and BNB Chain.
Ethereum suffered the most individual attacks, with 6 incidents representing 31.6%of the total losses across targeted chains. BNB Chain witnessed 5 incidents,representing 26.3% respectively.

OVERVIEW• Ethereum and BNB Chain represent more than 58% of the chain losses inJanuary 2024, followed by Arbitrum with 3 incidents and Solana with 2 incidents.
Polygon, Conflux Network, and Optimism witnessed 1 incident each.

Losses by Chain
January 2024
Other
2
Polygon
1Ethereum
6Solana
2Arbitrum
3
BNB Chain
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Crypto Losses January 2024
HACKS VS. FRAUDTOTAL LOSSES$126,782,617$122,709,800

Hacks
Fraud

$4,072,817

MAJOR LOSSESDEFI VS. CEFI

$81,550,000$126,782,617

DeFi
CeFi
$15,000,000$7,500,000 $6,200,000 $4,500,000

TOP LOSSES BY CHAIN
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BNB Chain
Arbitrum

For more information about the Crypto Losses Report, please visit immunefi.com/research.

31.6%

Ethereum

26.3%
15.8%

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Disclaimer:• Immunefi uses publicly available data and news reports in order to access and collect alleged fraud, scams, and rug pulls. Including such incidents
in this report does not constitute a determination from Immunefi that a fraud, scam, or rug pull event did occur.
Notes:• Immunefi assesses the volume of crypto funds lost by the community due to hacks and scams by reviewing, validating, and classifying publicly
available data. In this report, Immunefi considered only rug pulls for its fraud category. A rug pull is a project that creates an image of credibility
and attracts outside capital through token sales or other means with the sole purpose of stealing deposited user funds and disappearing.
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