Crypto exploits near $1.4B this year as hackers target CeFi — report
According to data from cybersecurity firm Cyvers, stolen funds on centralized exchanges increased 900% year over year in the second quarter.
According to cybersecurity firm Cyvers’ mid-year Web3 security report, the total volume of stolen crypto funds so far this year is approaching $1.4 billion as centralized exchanges emerge as the new ground zero for exploits.
In the second quarter of 2024, total crypto losses exceeded $600 million, marking a 100% increase over the same period last year. The surge in pilfered funds was driven primarily by a 900% increase in losses on centralized exchanges, according to the report.
“This quarter has witnessed a significant shift in attack vectors, with centralized exchanges (CEX) bearing the brunt of major incidents, while decentralized finance (DeFi) protocols show improved resilience,” the report said. “This trend may be attributed to the concentration of assets in centralized platforms and potentially lax security measures in some exchanges.”
According to data from cybersecurity firm Cyvers, stolen funds on centralized exchanges increased 900% year over year in the second quarter.
According to cybersecurity firm Cyvers’ mid-year Web3 security report, the total volume of stolen crypto funds so far this year is approaching $1.4 billion as centralized exchanges emerge as the new ground zero for exploits. In the second quarter of 2024, total crypto losses exceeded $600 million, marking a 100% increase over the same period last year. The surge in pilfered funds was driven primarily by a 900% increase in losses on centralized exchanges, according to the report. “This quarter has witnessed a significant shift in attack vectors, with centralized exchanges (CEX) bearing the brunt of major incidents, while decentralized finance (DeFi) protocols show improved resilience,” the report said. “This trend may be attributed to the concentration of assets in centralized platforms and potentially lax security measures in some exchanges.”Read more