CRYPTO LOSSESIN JULY 2024
PREPARED BY IMMUNEFICrypto Losses: July 2024
ANALYSIS• In total, we have seen a loss of $1,190,379,330 to hacks and rug pulls in 2024
YTD across 149 specific incidents. This represents a 16.3% increase whencompared with the same period in 2023 at $1,023,463,722.
• In July 2024, $269,439,252 was lost due to hacks and fraud across 14 specificincidents. This represents a 15.9% decrease from July 2023, when registeredlosses were $320,498,660, and a 90% increase month-over-month.

June 2024 vs. July 2024
$269,439,252$141,558,550• Most of the sum was lost in two specific projects: WazirX, an Indian
cryptocurrency exchange, with a loss of $235 million, and LI.FI protocol, aplatform to swap and bridge across major blockchains and protocols, which
incurred a loss of $10 million.
• In July 2024, CeFi surpassed DeFi with only one case occurring, representing
87% of the total volume of funds lost.
• Hacks continued to be the predominant cause of losses as compared to fraud.
A total of $266,481,700 was lost due to hacks across 12 specific incidents. 2
fraud events happened in July, totaling $2,957,552.

June 2024

July 2024

PREPARED BY IMMUNEFI• The most targeted chains in July 2024 were Ethereum and BNB Chain,representing 71.4% of the total losses across targeted chains.
2Top 10 Losses in July 2024
WazirX (Safe Multisigwallet)$235,000,000

LI.FI protocol$10,000,000

Bittensor (Wallet)$8,000,000

RHO Markets$7,600,000

ETHTrustFund$2,000,000

Dough Finance$1,810,000

Minterest$1,400,000

Monoswap$1,300,000

TRUMP (MAGA)$957,552

Spectra App$529,700

PREPARED BY IMMUNEFI

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Hacks vs. Fraud Analysis
In July 2024, hacks continued to be the predominant cause of losses as comparedto fraud. An analysis of the losses shows that fraud accounted for only 1.1% of thetotal losses in July 2024, while hacks accounted for 98.9%.

Hacks vs. Fraud
July 2024
Fraud
1.1%

OVERVIEW• Hacks
In total, we have seen a loss of $266,481,700 to hacks in July 2024 across 12
specific incidents.
• Fraud
In total, we have seen a loss of $2,957,552 to fraud in July 2024 across 2 specificincidents.

Hacks
98.9%
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DeFi vs. CeFi Analysis

DeFi vs. CeFi
July 2024

In July 2024, CeFi again surpassed DeFi, representing 87% of the total volume offunds lost.

DeFi
13%

OVERVIEW• DeFi
DeFi suffered $34,439,252 in total losses in July 2024 across 13 incidents.
• CeFi
CeFi suffered $235,000,000 in total losses across 1 incident.

CEFI AND NORTH KOREAN HACKING IN FOCUS• Most of the losses in 2024 are attributed to attacks targeting CeFi infrastructure.
Of the $1.19 billion stolen in 2024 YTD, over $636 million is attributed to CeFi.
• North Korean hackers are suspected to be behind the attack on WazirX, which
occurred in July 2024. Recently, the DMM Bitcoin hack that happened in May
2024 has been linked to the Lazarus Group, a North Korean hacking group. The
group began laundering the funds in July 2024.
• Lazarus consists of an unknown number of individuals and is affiliated with thegovernment of North Korea. The group has been linked to some of the largestcyber attacks within the crypto ecosystem, including those on Atomic Wallet,
CoinEx, Alphapo, Stake, and CoinsPaid.

CeFi
87%
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Losses by Chain
July 2024

Losses by Chain
The most targeted chains in July 2024 were Ethereum and BNB Chain, representing
71.4% of the total losses across targeted chains.

OVERVIEW• Ethereum suffered the most individual attacks, with 7 incidents, representing
50% of the total losses across targeted chains. BNB Chain experienced 3incidents, representing 21.4% of the total. Scroll and Base each suffered 1
incident, respectively, representing 7.1% of the total losses.

Other2
Base1
Scroll
1

Ethereum7

BNB Chain
3

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Crypto Losses July 2024
HACKS VS. FRAUDTOTAL LOSSES YTD$1,190,379,330.

$266,481,700

Hacks
Fraud

IN JULY$2,957,552$269,439,252
DEFI VS. CEFI
MAJOR LOSSES$34,439,252

DeFi$235,000,000$235,000,000

CeFi

TOP LOSSES BY CHAIN$10,000,000 $8,000,000 $7,600,000 $2,000,000

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

Ethereum7

BNB Chain

3Scroll1

Base1

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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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