The latest data reveals that centralized exchanges were the primary targets, reversing a previous trend of declining losses.
Hacks were the primary cause of losses, accounting for $564,238,811 from 53 incidents, a 155% increase from the previous year.
Cryptocurrency theft escalated dramatically in the second
quarter, with losses from hacks and scams soaring by 112% to a staggering $572
million, the latest data revealed. This sharp increase followed a period of
decline, highlighting a troubling resurgence in malicious activities targeting
the crypto community, especially centralized exchanges.
Escalating Crypto Losses
Immunefi, an on-chain crowdsourced security platform,
reported that the total losses amounted to $572,688,861, marking a significant
rise from the $265,481,519 lost in the second quarter of last year. Centralized
exchanges were the main victims, reversing the previous trend of declining
losses.
The majority of the losses resulted from two major
incidents. DMM Bitcoin, a Japanese crypto exchange, suffered a colossal $305
million loss, while Turkey’s largest cryptocurrencyexchange, BtcTurk, reported
a $55 million loss. These two events alone accounted for 62.8% of the total
losses in Q2.
Crypto Losses YTD, Source: immunefi
Hacks continued to dominate as the primary cause of
crypto losses. Out of the total $572,688,861 lost, $564,238,811 resulted from
hacks across 53 incidents, representing a 155% increase compared to the same
period last year. Fraud, including scams and rug pulls, accounted for a smaller
portion, with $8,450,050 lost across 19 incidents. This represents an 81%
decrease from the same period of last year.
Centralized Finance (CeFi) platforms were the main
targets, suffering 70% of the total losses, while Decentralized Finance (DeFi)
platforms accounted for the remaining 30%. CeFi platforms experienced a
staggering 984% increase in losses, with $401,400,000 lost across five
incidents. In contrast, DeFi platforms saw a 25% decrease, with losses totaling
$171,288,861 across 62 incidents.
Most Targeted Blockchains
Among the most targeted blockchains, Ethereum and BNB
Chain were the most targeted blockchain networks in Q2 2024. Ethereum faced 34
incidents, representing 46.6% of the total losses, while BNB Chain witnessed 18
incidents, accounting for 24.7% of the losses. Other chains, such as Arbitrum,
Polygon, Solana, and Fantom, experienced fewer attacks but still contributed to
the overall losses.
Major Losses, Source: Immunefi
Despite the high volume of losses, there were some
successes in recovering stolen funds. Approximately $26,736,000, or 5% of the
total losses, was recovered in Q2 2024, a slight improvement from the 3.9%
recovery rate in Q2 2023. This indicates progress in tracking and reclaiming
stolen assets, although challenges remain.
Cryptocurrency theft escalated dramatically in the second
quarter, with losses from hacks and scams soaring by 112% to a staggering $572
million, the latest data revealed. This sharp increase followed a period of
decline, highlighting a troubling resurgence in malicious activities targeting
the crypto community, especially centralized exchanges.
Escalating Crypto Losses
Immunefi, an on-chain crowdsourced security platform,
reported that the total losses amounted to $572,688,861, marking a significant
rise from the $265,481,519 lost in the second quarter of last year. Centralized
exchanges were the main victims, reversing the previous trend of declining
losses.
The majority of the losses resulted from two major
incidents. DMM Bitcoin, a Japanese crypto exchange, suffered a colossal $305
million loss, while Turkey’s largest cryptocurrencyexchange, BtcTurk, reported
a $55 million loss. These two events alone accounted for 62.8% of the total
losses in Q2.
Crypto Losses YTD, Source: immunefi
Hacks continued to dominate as the primary cause of
crypto losses. Out of the total $572,688,861 lost, $564,238,811 resulted from
hacks across 53 incidents, representing a 155% increase compared to the same
period last year. Fraud, including scams and rug pulls, accounted for a smaller
portion, with $8,450,050 lost across 19 incidents. This represents an 81%
decrease from the same period of last year.
Centralized Finance (CeFi) platforms were the main
targets, suffering 70% of the total losses, while Decentralized Finance (DeFi)
platforms accounted for the remaining 30%. CeFi platforms experienced a
staggering 984% increase in losses, with $401,400,000 lost across five
incidents. In contrast, DeFi platforms saw a 25% decrease, with losses totaling
$171,288,861 across 62 incidents.
Most Targeted Blockchains
Among the most targeted blockchains, Ethereum and BNB
Chain were the most targeted blockchain networks in Q2 2024. Ethereum faced 34
incidents, representing 46.6% of the total losses, while BNB Chain witnessed 18
incidents, accounting for 24.7% of the losses. Other chains, such as Arbitrum,
Polygon, Solana, and Fantom, experienced fewer attacks but still contributed to
the overall losses.
Major Losses, Source: Immunefi
Despite the high volume of losses, there were some
successes in recovering stolen funds. Approximately $26,736,000, or 5% of the
total losses, was recovered in Q2 2024, a slight improvement from the 3.9%
recovery rate in Q2 2023. This indicates progress in tracking and reclaiming
stolen assets, although challenges remain.
How Ripple Pulled Off the Year’s Biggest Crypto Raise While XRP Tumbled 40%
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Interview with Jas Shah
Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
Interview with Jas Shah
Builder | Adviser | Fintech Writer | Product Strategist
In this episode, Jonathan Fine sat down with Jas Shah, one of the most thoughtful voices in global fintech. Known for his work across advisory, product, stablecoins, and his widely read writing, Jas brings a rare combination of industry insight and plain-spoken clarity.
We talk about his first impression of the Summit, the projects that keep him busy today, and how they connect to the stablecoin panel he joined. Jas shares his view on the link between fintech, wealthtech and retail brokers, especially as firms like Revolut, eToro and Trading212 blur long-standing lines in the market.
We also explore what stablecoin adoption might look like for retail investment platforms, including a few product and UX angles that are not obvious at first glance.
To close, Jas explains how he thinks about writing, and how he approaches “shipping” pieces that spark debate across the industry.
Vitalii Bulynin Talks About Versus Trade, New Pairs, and Big Plans
Vitalii Bulynin Talks About Versus Trade, New Pairs, and Big Plans
In this interview, Versus Trade Co-Founder Vitalii Bulynin explains how the company got its license fast, why its trading pairs are fresh and fun, and what the team will build next.
He also discusses the most active pairs, the IB and MIB plans, and hiring needs for new markets.
Watch the whole talk to learn more about how Versus Trade works and where it is heading.
#financemagnates #VersusTrade #TradingPairs #BTCvsGold #goldtrading #innovation
In this interview, Versus Trade Co-Founder Vitalii Bulynin explains how the company got its license fast, why its trading pairs are fresh and fun, and what the team will build next.
He also discusses the most active pairs, the IB and MIB plans, and hiring needs for new markets.
Watch the whole talk to learn more about how Versus Trade works and where it is heading.
#financemagnates #VersusTrade #TradingPairs #BTCvsGold #goldtrading #innovation
Marketing in 2026 Audiences, Costs, and Smarter AI
Marketing in 2026 Audiences, Costs, and Smarter AI
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Fail Better Trading Tech to Tackle Industry Risks
Fail Better Trading Tech to Tackle Industry Risks
Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
