In February, the cryptocurrency industry incurred losses totaling $67 million across 12 incidents, as outlined in Immunefi's recent report on crypto losses. Hacks accounted for the vast majority, with 97.54% of the stolen funds attributed to them, while fraud accounted for the remaining 2.46%.

Despite these substantial losses, there was a notable decrease compared to January 2024, suggesting potential enhancements in security measures or increased vigilance within the crypto community.

Key contributors to the losses in February were the crypto gaming platform PlayDapp and decentralized exchange FixedFloat, which collectively lost $32.35 million and $26.1 million, respectively. Additionally, the online casino Duelbits suffered losses of $4.6 million.

Most of February's losses were concentrated in these platforms, with only RiskOnBlast and Blueberry Protocol experiencing losses exceeding $1 million.

According to the report, Ethereum was the primary target, with 12 attacks recorded, while BNB Chain and Bitcoin projects each experienced one attack during the month. All incidents targeted DeFi platforms and services, with no losses reported in the CeFi sector.

Comparatively, February's losses represented a 50% decrease from the $133 million lost in January across various incidents. Nonetheless, cumulative losses for the year now amount to $200 million, marking a 15.4% increase compared to the same period last year.

It's noteworthy that Immunefi's January and February reports excluded certain attacks, including those targeting Seneca, LastPass users, the MIM stablecoin, and a notable $112 million attack on Ripple co-founder Chris Larsen's personal wallet. If included, these incidents would bring the total losses to $198.1 million for February and $398.1 million year-to-date.