CandleFocus DeFi security sees a 40% drop in losses as CeFi faces a $694M surge in breaches
2024-12-25
Author: Content Editor
According to the Hacken Web 3 Report 2024, losses in the decentralized finance (DeFi) sector have decreased by 40% over the past year, while losses in centralized finance (CeFi) have more than doubled. DeFi losses accounted for 20.4% of total crypto hack losses, dropping from $787 million to $474 million, while CeFi losses rose to $694 million from $339 million. The report highlights specific hacks, such as the DMM Bitcoin hack and the WazirX hack, which resulted in significant losses. Access control vulnerabilities were the main cause of hacks, accounting for 75% of all crypto hack losses. Phishing scams also drained over $600 million in 2024. Weaknesses in private key management systems and poor security measures contributed to ongoing hacks and breaches in crypto and metaverse platforms.
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