Threats like AI-driven attacks and quantum computing vulnerabilities need to be addressed with real-time monitoring and solid regulation.
Web3 cybersecurity company Cyvers has found that losses to hacks and scams have skyrocketed in the cryptocurrency ecosystem in 2024. Losses in the first three quarters of the year have reached an all-time high of $2.1 billion and already exceeded the total losses in 2023.
Centralized finance (CeFi) operators were hit harder than decentralized finance (DeFi) operators, with a 984% year-on-year increase in the three quarters of 2024. Much of that came in the second quarter of the year, when $401 million was lost.
The Q2 losses came predominantly from five incidents. The largest of those was the hack of Japanese exchange DMM, which netted $305 million in Bitcoin (BTC) through a private-key hack. Turkish exchange BtcTurk was in second place that quarter with a loss of $55 million.
