The crypto sector has lost over $1.4 billion due to hacks and scams in 2024, according to a report by Immunefi. October alone accounted for $55.1 million in losses, marking a 56.6% decline from September.

Security Measures on the Rise

Immunefi noted that the reduction in monthly losses points to the adoption of better security practices, including more audits, improved smart contract designs, and bug bounty programs. However, despite these improvements, October's losses were 114% higher than in the same month last year.

Notable Incidents and Network Targets

October's largest hack involved DeFi protocol Radiant Capital, resulting in a $50 million loss. The BNB Chain was the most targeted network, comprising 50% of attacks, followed by Ethereum and Arbitrum. Immunefi has paid out over $100 million in bounties to ethical hackers, contributing to protecting more than $25 billion in user funds.
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