2024

The cryptocurrency market has experienced lots of exploitation, security breaches, scams, and rug pull in 2024, as a result market has lost billions worth of assets. Recently, an on-chain security firm Cyver shared a report that in the first half of 2024, the market experienced crypto theft of nearly $1.4 billion, with a stark increase of over 100% from the previous year. Hackers’ eyes on centralized exchanges (CEXs) 
The report signals that the centralized exchanges (CEX) are the primary target of these attacks, experiencing a staggering 900% rise in losses compared to last year. This notable shift marks a significant change in attack vectors, with hackers exploiting vulnerabilities in centralized platforms where assets are concentrated.
According to Cyvers, the majority of these thefts, amounting to around $490 million in the second quarter alone, stemmed from access control breaches such as phishing attacks. In contrast, losses from smart contract exploits were relatively lower at less than $70 million during the same period.
While decentralized finance (DeFi) protocols have shown improved stability by swiftly freezing compromised smart contracts to protect users, Cyvers warns that new vulnerabilities are constantly being uncovered in these complex systems. The report also highlights cross-chain bridges as emerging points of vulnerability, citing the recent $1.44 million exploit of XBridge in April. Recent crypto hack in 2024 
The mid-year data was significantly impacted by high-profile breaches, including the $300 million hack of <a href="https://news.todayq.com/crypto-investors-lost-74-million-this-week-shows-data/" rel="noopener noreferrer nofollow">Japanese exchange DMM</a> due to a compromised private key, and the $50 million loss suffered by Turkish exchange BtcTurk in June.
Despite these challenges, there is some positive news for victims, as recovery efforts have shown improvement. Cyvers reports a 42% increase in recovered funds compared to the same period last year, although a substantial 76% of stolen funds remain unrecovered.
Looking ahead, Cyvers advises Web3 users to remain vigilant against emerging threats posed by advancements in artificial intelligence and quantum computing. These technologies could potentially equip hackers with more sophisticated tools to bypass existing security measures.
As the crypto ecosystem evolves, the need for robust security measures and proactive risk management becomes increasingly critical to safeguarding digital assets in a rapidly changing landscape.

Hackers’ eyes on CEXs, $1.4 billion Crypto theft in 2024

Todayq News

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