According to a recent report by cybersecurity company Hacken, crypto security breaches have escalated in 2024, resulting in losses exceeding $2.9 billion across various sectors. Access control vulnerabilities, such as compromised private keys, were the dominant threat vector, contributing to 75% of all hacks. Phishing scams also caused significant damage, resulting in losses exceeding $600 million. Hacken CEO Dyma Budorin emphasized the need for comprehensive compliance solutions and all-encompassing security measures in the crypto industry. High-profile incidents like the Radiant Capital and Orbit Bridge hacks underscore the consequences of weak key management and the absence of multi-sig solutions or regular audits. Budorin believes that mandatory compliance should become a reality for all blockchain projects by 2025, driving transparency, accountability, and operational resilience. He encourages organizations to comply with the CryptoCurrency Security Standard (CCSS) to enhance security, protect private keys, and prevent security breaches. The UAE, particularly Abu Dhabi Global Market (ADGM), is emerging as a global leader in blockchain security and innovation due to its regulatory framework. ADGM and Hacken have signed a Memorandum of Understanding to collaborate on enhancing blockchain security and developing effective security standards and on-chain monitoring solutions.



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