According to a recent report by Immunefi, hackers were able to steal a staggering $409 million worth of cryptocurrency in the third quarter, while an additional $3 million was lost due to fraud.
This marks a 40% decrease from the third quarter of 2023, according to the bug bounty platform.
Immunefi also noted that the amount of capital locked on decentralized finance (DeFi) protocols, which currently stands at $87.2 billion according to DefiLlama, has made it an attractive target for hackers.
The majority of losses in the third quarter were a result of hacks on crypto exchanges, with India’s WazirX losing $235 million and Singapore’s BingX losing $52 million.
The report also revealed that 32 other hacks accounted for 32% of the total losses.
