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🚨📣: Cryptocurrency users lost more than $1.7 billion to hackers and scammers this year, a 14% increase from the $1.49 billion total for 2024, according to blockchain security firm Immunefi.

The report comes amid concerns about the vulnerability of DeFi networks and cryptocurrencies more broadly. The year-to-date total is significantly impacted by the theft of $1.4 billion in Ethereum-related assets from cryptocurrency exchange Bybit.

DeFi applications are experimental and new, and are known to be vulnerable to being targeted by criminals.

However, Mitchell Amador, founder and CEO of Immunefi, believes DeFi is becoming safer for professionals, with Ethereum and the BNB chain being the most targeted chains, accounting for 60% of the total losses across all blockchains.