2024 Crypto Hacks Explode to $2.1B, CeFi Hit the Hardest
The post 2024 Crypto Hacks Explode to $2.1B, CeFi Hit the Hardest appeared on BitcoinEthereumNews.com.
In 2024, losses from crypto hacks have already exceeded the total for all of 2023, setting a new record. The rise in cyberattacks shows the growing dangers in the space and the need for urgent solutions. According to a report shared exclusively with BeInCrypto, Cyvers was crucial in detecting all reported crypto attacks in Q3 2024, with about half of these caught only by their system. Using AI-powered monitoring, Cyvers’ real-time alerts helped stop further financial losses, showing how important advanced tools are in protecting digital assets. Crypto Hacks in 2024 Hit Record Highs, Exposing Major Security Weaknesses The first three quarters of 2024 have seen losses from crypto hacks hit $2.114 billion, surpassing the total for all of 2023. This marks a sharp 72% increase compared to the same period last year, highlighting the growing vulnerability of both centralized and decentralized platforms. Key Numbers: Jan-Sept 2023: $1.23 billion lost Full year 2023: $1.69 billion Jan-Sept 2024: $2.114 billion Centralized finance (CeFi) platforms, in particular, have faced a huge rise in attacks, with incidents up nearly 1,000% year-on-year. Meanwhile, decentralized finance (DeFi) platforms have seen a 25% drop in losses, though they remain exposed due to complex smart contracts and protocols. CeFi Hacks on the Rise CeFi platforms have been hit hardest in 2024, with a 984% increase in crypto hacks. The second quarter of 2024 alone saw $401 million in losses across five major incidents. The most notable was the DMM Bitcoin exchange breach, which resulted in a $305 million loss. Turkey’s BtcTurk was also hit for $55 million, alongside other exchanges like Lykke and FixedFloat. Read more: 15 Most Common Crypto Scams To Look Out For This wave of CeFi attacks signals a growing need for better security controls and regulatory action to prevent further losses. DeFi Platforms See Fewer Losses but…
Filed under: News - @ September 29, 2024 7:24 pm