Crypto Hacks and Scams Double in Q2 2024, Surpassing $572 Million in Losses

Crypto losses from hacks and scams surged in the second quarter of 2024, more than doubling from the same period the previous year, as reported by blockchain security platform Immunefi. Losses totaled over $572 million in Q2 2024, a significant increase from $220 million in Q2 2023. Centralized exchange hacks were the primary contributors to these losses. Before Q2, losses from hacks and scams had been decreasing, with Immunefi noting a 23% reduction in Q1. This downward trend continued through April and most of May, but the situation worsened dramatically at the end of May and in June. The most