The crypto industry clocked up $572.7 million in losses due to hacks and scams during the second quarter of this year across 72 incidents so far, according to the latest report from web3 bug bounty and security services platform Immunefi.

The losses represent a 70.3% increase on the $336.3 million worth of exploits in Q1, and a 112% increase compared to Q2 2023, when hackers and fraudsters stole $265.5 million. More than $900 million has been stolen via hacks and fraud year-to-date, up by 24% compared with the same period last year, per Immunefi data.

With nearly $100 billion of total value locked in web3 protocols, according to DeFiLlama data, decentralized finance remains a primary target for hackers, accounting for 100% of the exploits identified by Immunefi in Q1. However, in Q2, …