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Cryptocurrency Hacks and Scams Reach Record $2.1 Billion in 2024

by Matoy
September 26, 2024
in Breaking News, Crypto
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  • Crypto industry losses hit $2.1 billion in the first three quarters of 2024, surpassing 2023’s total.
  • Centralized finance losses increased 984% year-on-year, led by a major $305 million hack of Japan’s DMM exchange.
  • DeFi losses fell 25%, though the sector remains vulnerable to smart contract complexities and decentralized protocols.

Losses from hacks and scams in the cryptocurrency space have surged to unprecedented levels in 2024, with Web3 cybersecurity company Cyvers reporting $2.1 billion in losses during the first three quarters of the year. This figure already surpasses total losses seen in 2023, highlighting the growing challenges in securing the digital financial ecosystem.

Centralized Finance Under Fire

Centralized finance (CeFi) platforms saw a particularly steep rise in losses, with a 984% year-on-year increase. The second quarter of 2024 alone accounted for $401 million in losses, largely driven by five major incidents. Among them, the hack of Japan’s DMM exchange stands out, with $305 million in Bitcoin stolen through a private-key breach. Turkish exchange BtcTurk followed, losing $55 million.

Cyvers noted that this surge in CeFi vulnerabilities points to a critical need for enhanced access control measures and regulatory oversight to protect assets on centralized platforms.

DeFi Sector Faces Persistent Challenges

Though losses in the decentralized finance (DeFi) sector dropped by 25% in Q2 compared to the previous year, the sector still faced significant challenges. A total of $171.3 million was lost from 62 incidents in Q2, primarily affecting the Ethereum and BNB Smart Chain networks. DeFi remains vulnerable due to the inherent complexity of smart contracts and decentralized protocols, which continues to attract bad actors.

Throughout the first three quarters of 2024, DeFi operators were hit harder, with $1.6 billion lost across 51 incidents compared to $742.6 million in the same period of 2023.

Addressing Emerging Threats

Cyvers urged the crypto industry to proactively tackle evolving security risks. As threats such as artificial intelligence-driven attacks and potential vulnerabilities from quantum computing loom, it is critical to implement cross-chain security protocols and real-time threat detection. Additionally, regulatory bodies like the International Organization of Securities Commissions must take a leading role in ensuring that these security measures are enforced globally.

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