The cryptocurrency industry has experienced over $1 billion in losses due to hacks and fraud in 2024, highlighting the ongoing security challenges facing the sector.
Points
- The crypto industry has lost over $1 billion to hacks and fraud in 2024.
- Losses have increased by 16.3% compared to the same period in 2023.
- Centralized finance （CeFi） platforms have been the most affected.
- July was the second most damaging month, with $269.4 million lost in 14 incidents.
- The report emphasizes the need for stronger security measures.
According to a recent report by Immunefi, the cryptocurrency industry has suffered over $1 billion in losses due to hacks and fraud in the first seven months of 2024. This figure represents a 16.3% increase compared to the same period in 2023, underscoring the persistent and growing threat posed by cybercriminals to the crypto sector.
CeFi Platforms Most Affected
Centralized finance （CeFi） platforms have borne the brunt of these attacks, accounting for the majority of the losses. In July alone, CeFi platforms experienced $269.4 million in losses across 14 separate incidents, making it the second most damaging month of 2024. The largest loss in July was the $235 million hack of the Indian centralized exchange WazirX.
Hackers Remain Predominant Threat
Hacks continue to be the primary cause of losses in the crypto industry, responsible for $266.5 million in July alone. Fraud and scams accounted for a much smaller portion of the total losses, highlighting the significant impact of security breaches on centralized platforms.
Targeted Blockchain Networks
The report also sheds light on the specific blockchain networks targeted by hackers. Ethereum and BNB Chain were the most attacked networks in July, collectively accounting for 71.4% of the total losses. Ethereum suffered seven attacks, while BNB Chain experienced three significant breaches.
Expert Insights on Security Measures
Industry experts stress the importance of implementing robust security measures to combat the increasing threat of cyberattacks. Fitzy, CEO of ChainSwap, emphasized that Web3 tools are not inherently criminogenic but are exploited by scammers as new mediums for committing fraud. He advises that the best way to protect against scams and fraud is to proceed with caution.
Slava Demchuk, CEO of AMLBot, pointed out the urgent need for strong security measures, including frequent audits and penetration tests. He also highlighted the importance of personal training in handling sensitive data and stricter employee hiring processes to prevent insider threats.
解説
- Cybersecurity Threats: The increase in losses due to hacks and fraud highlights the ongoing cybersecurity threats faced by the crypto industry. Enhanced security measures are essential to protect assets and maintain trust in the sector.
- Centralized Finance （CeFi）: CeFi platforms have been disproportionately affected by these attacks, indicating a need for improved security protocols and measures to safeguard user funds.
- Preventative Measures: Frequent audits, penetration tests, and robust employee training are critical in mitigating the risk of cyberattacks. Implementing these measures can help identify vulnerabilities and strengthen overall security.