The post Crypto Attack Trends Q2 2024: CeFi Shift, Address Poisoning appeared on BitcoinEthereumNews.com.

As Q2 2024 concludes, the Web3 ecosystem navigates a constantly changing security environment. This quarter has witnessed a significant shift in attack vectors. Centralized exchanges (CEX) have borne the brunt of major incidents, while decentralized finance (DeFi) protocols have shown improved resilience. A report from blockchain security firm Cyvers provides a detailed analysis of security incidents. The report highlights their impact on various segments, changes in hacker tactics, and the economic repercussions of these incidents. Rising Cyber Threats Drive Crypto Losses to New Heights in 2024 The Cyvers Web3 Security Report for Q2 and H1 2024 reveals a dramatic increase in crypto losses due to cyberattacks. The report notes notable events, shifting attack strategies, and financial and operational effects on the Web3 ecosystem. Despite the rise in attacks, recovery efforts and incident response strategies have shown improvement, showing the need for continuous vigilance and strong security measures. Q2 2024 witnessed $629.68 million in crypto losses across various 49 incidents, bringing the year-to-date total to a staggering $1.38 billion as of H1 2024. This figure shows a notable rise compared to the same period in 2023, therefore highlighting the ongoing and changing character of threats in the Web3 environment. Read more: 15 Most Common Crypto Scams To Look Out For Smart contract exploits accounted for $67,378,000 from 20 incidents, while access control breaches resulted in losses of $491,311,000 from 26 incidents. Furthermore, address poisoning accounted for $71,475,000 of the 361 incidents. The year-over-year loss increase shows an over 100% rise from Q2 2023. “It’s worth noting that the amount of funds recovered rose by almost 42%, from $138,900,000 in Q2 2023 to $197,000,000 in Q2 2024. This notable increase highlights the value of solid response techniques and improved recovery efforts,” the Cyvers team told BeInCrypto. Crypto Hacks Impact in Q2: Regulatory…

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Filed under: News - @ July 8, 2024 5:22 pm