Cyvers: Damage from attacks on crypto projects rose by 72% in a year

The figure for the first three quarters of 2024 exceeded $2 billion

30.09.2024 - 11:20

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What’s new? In the first three quarters of 2024, losses from cryptocurrency hacks have already surpassed the total for 2023, setting a new record at $2,114 billion, experts at IS firm Cyvers said in a new report. The year-on-year growth was 72%, and analysts said the growing vulnerability of both centralized and decentralized trading platforms (CEX/DEX).

Material by BeInCrypto

What else is known? On a year-over-year basis, the number of attacks on centralized financial platforms (CeFi) increased by 984%. The figure for decentralized platforms (DeFi) decreased by 25%, but such projects remain vulnerable due to the complexity of smart contracts and protocols.

In Q2 alone, the CeFi sector suffered five major attacks that resulted in losses of $401 million. In particular, bitcoin exchange DMM lost $305 million, and $55 million was stolen from Turkish crypto exchange BtcTurk.

As for DeFi, during Q2, 62 incidents were recorded with damage of $171,3 million. Ethereum-based projects and BNB Chain remain the main targets of attacks, as the ecosystems of these blockchains are the most extensive.

Overall, crypto projects lost $1,62 billion from January through September 2024 as a result of security breaches, a 99% increase over the same period in 2023. Smart contract exploits resulted in 380,4 million lost (a 19% drop). The total number of incidents was 131, adding 197% year-over-year.

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