The post Top 10 Rug Pulls and Security Breaches of 2024 appeared on BitcoinEthereumNews.com.

In 2024, cryptocurrencies faced over 410 security breaches, causing losses of $2.013 billion, with DeFi being the hardest hit. These incidents show the urgent need for better security, stricter rules, and more trust in digital assets. 2024 was a year for cryptocurrency, big security issues and scam projects have shown that the system needs improvement. According to SlowMist Hacked, there have been 410 security incidents reported in 2024, where huge losses account for $2.013 billion. According to SlowMist report, 2024’s losses, however, stand at 19.02% lower than in 2023, where a total of 464 incidents took place and left a loss of $2.486 billion. Major Security attack incidents of 2024 DeFi was the most vulnerable area with 82.68% of breaches. There were 339 DeFi cases, which resulted in a huge loss of $1.029 billion. This is 33.12% more than the 2023 version, which was $773 million. It shows how attractive decentralized finance has become for hackers due to weak security and flaws in smart contracts. The greatest loss was seen for Ethereum with $465 million loss. Binance Smart Chain, or BSC, followed second with the loss of $87.35 million. On May 31, some of the worst hacks occurred at the Japanese cryptocurrency exchange DMM Bitcoin. There, hackers deceived users into helping them steal 4,502.9 BTC from the exchange’s official wallet by causing about $330 million in losses. It is the seventh largest hack in the history of cryptocurrencies and the largest since 2022. According to the FBI, United States Department of Defense Cyber Crime Center, and the Japanese National Police Agency, North Korean hackers did this as part of an attack that came to be known as the Trader Traitor campaign. Another big hack involved the Indian exchange WazirX. There, a problem in the checks on multisig wallets meant more…

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Filed under: News - @ January 4, 2025 11:22 pm