Immunefi, a security services platform that offers protection against Web3 bugs, estimated that hackers and fraudsters have drained approximately $23.4 million worth of digital assets from crypto projects in August. This figure is 92% less than the recorded losses in July when wrongdoers siphoned over $320 million. According to Immunefi, 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 ($15.8 million), and fraud made up an additional $7.5 million. DeFi organizations were the main target for bad actors last month, while CeFi “hasn’t witnessed a single major exploit.” The blockchains that suffered the most individual attacks over the past 30 days are Ethereum, Base, and BNB Chain, representing around 62% of the total losses. One of the largest single frauds occurred on Magnate Finance – a lending protocol on the recently launched Base blockchain. 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.Immunefi also revealed that crypto hackers and fraudsters have stolen over $1.2 billion worth of digital assets since the beginning of the year across 211 specific events. July was one of the most active periods for wrongdoers, embezzling almost $320.5 million. Notable examples include the Multichain hack, the Curve Finance exploit, and the attack on crypto payments processor Alphapo.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Global
Countries
Sentiment	neutral
Relevance Score	8
People	Alphapo, Magnate Finance, ZachXBT
Companies	Alphapo, Solfire, Magnate Finance, Kokomo Finance, Immunefi
Currencies	BNB, Toucan Protocol: Base Carbon Tonne, Magnate Finance, Ethereum, Bitcoin
Securities	None