The cybersecurity company SlowMist reported that the Ethereum ecosystem has lost $40 billion due to vulnerabilities so far this year, with hacker attacks on cryptocurrencies increasing by 50%.
The SlowMist data for mid-2024 shows that Ethereum suffered the most significant losses, followed by Arbitrum at $724,600 and Blast at $700,000. Additionally, the Binance Smart Chain (BSC) recorded the highest number of security incidents, totaling 57 violations and causing approximately $321,200 in losses.
The report detailed that in the first half of 2024, the digital asset industry experienced 223 security-related incidents, resulting in $143 million in losses, a significant increase from the $23 billion in losses during the same period in 2023.
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SlowMist states that decentralized finance (DeFi) has been the most targeted sector, with 158 incidents comprising nearly 71% of all cases and $659 million in losses. This represents a 37.29% increase in losses compared to the first half of 2023.
SlowMist identified vulnerabilities in contracts and “rug pull” scams as the primary reasons for these exploits, responsible for 56 and 50 incidents, respectively. The escalating losses and reported incidents underscore the growing need for enhanced security measures in the crypto ecosystem.
