Crypto wrongdoers focused on the DeFi space in August, while CeFi 'hasn't witnessed a single major exploit.'
Crypto wrongdoers focused on the DeFi space in August, while CeFi “hasn’t witnessed a single major exploit.”
The security services platform that offers protection against Web3 bugs – Immunefi – estimated that hackers and fraudsters have drained approximately $23.4 million worth of digital assets from crypto projects in August. While the figure might sound significant, it is 92% less than the recorded losses in July when wrongdoers siphoned over $320 million.As analyzed by the platform, the exact losses that crypto projects suffered due to such attacks in August are $23,366,220. Hacks accounted for almost 70% of the total sum , and fraud made up an additional $7.5 million. Immunefi noted that DeFi organizations were the main target for bad actors last month, whereas CeFi “hasn’t witnessed a single major exploit.
One of the largest single frauds occurred on Magnate Finance – a lending protocol on the recently launched Base blockchain.last week, Magnate Finance pulled the rug just a few hours after the anonymous X user ZachXBT alerted the community about a possible fraud running on the platform. Magnate’s deployer was found to have a connection with two DeFi projects that turned out to be exit scams – Solfire and Kokomo Finance.
Further analysis determined that the wrongdoer later bridged approximately $1 million of the drained assets to the BNB Chain. Following the scam, Magnate Finance’s website went offline, while the team deleted the Telegram channel and the X account.Apart from presenting the data for August, Immunefi outlined the dark stats in the past several months. It revealed that crypto hackers and fraudsters have stolen over $1.
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