Ethereum Ecosystem Lost $400 Million From Hacking in First 6 Months of 2024: Report

Among blockchain ecosystems, Ethereum suffered the most losses in hacking incidents during the first half of 2024, according to a recent report by cybersecurity firm SlowMist.

There were a total of 223 blockchain security incidents in the first half of 2024, up from 185 in the same period last year, the July 2 report said. Losses from these incidents have totaled $1.43 billion this year so far, up more than 50 percent from 2023. Of these, the Ethereum blockchain ecosystem suffered the most, with $400 million in losses, followed by Arbitum at a distant second with $72.46 million.

The biggest reason for the security breaches was found to be vulnerabilities in blockchain contracts, which can include issues like bugs in the code. The second top reason was “rug pull,” a type of exit scam where a crypto team raises money from investors and the public by selling digital tokens only to disappear with the funds.

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