As a seasoned crypto investor with more than a decade of experience navigating the digital frontier, I can attest that this year has been a rollercoaster ride. The $630 million in losses in the first half of 2024 is a stark reminder of the challenges we face as part of this dynamic community.
In the first six months of 2024, crypto losses approached a staggering $630 million, as reported by Cyvers. Centralized exchange platforms were particularly affected and suffered heavily during this period.
In my analysis as a crypto market analyst, I observed a substantial increase in losses within the crypto market during the first half of 2024, with total losses exceeding $629 million – more than double the amount experienced in the previous year, according to reports by analytical firm Cyvers. On August 22nd, they published an insightful post indicating that centralized exchanges were the primary targets of these cyberattacks, signaling a significant change in the focus of such attacks.
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In May, a major incident took place involving DMM Bitcoin, one of Japan’s largest cryptocurrency exchanges, where hackers made off with more than $300 million after gaining access through a compromised private key. Cyvers analysts underscored the immediate importance of strong key management in light of this security breach. It was found that improper access control was the primary culprit behind cyber attacks in Q2 2024, with centralized exchanges being disproportionately affected.
Crypto recovery improves amid evolving threats
In Q2 of 2024, fund recovery efforts saw a significant jump of 42% compared to the same period the previous year, thanks to forward-thinking actions and swift reaction tactics. Yet, Cyvers cautions that the situation remains fluid, as techniques like “address poisoning,” “oracle manipulation,” and “cross-chain attacks” are on the rise.
In a recent analysis, it was found that both centralized exchange platforms and decentralized finance protocols experienced significant vulnerabilities. The importance of immediate protection and monitoring measures was emphasized by a blockchain investigative team to minimize further damages. Moving forward, Cyvers warned about the potential increase in complex contract exploits, AI-powered assaults, and threats targeting layer-2 systems. Therefore, they advised the crypto community to stay alert and safeguard their assets effectively.
In August, analysts from the blockchain analysis firm PeckShield noted that the crypto market suffered significant attacks in July, causing approximately $266 million in losses. The most substantial breach occurred at WazirX, one of India’s major cryptocurrency platforms, which was hit by a sophisticated attack, believed to have been orchestrated by North Korean hackers. This led to a temporary halt in withdrawals from the exchange.
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2024-08-22 16:50