{"id":666983,"date":"2024-12-25T05:00:14","date_gmt":"2024-12-25T05:00:14","guid":{"rendered":"https:\/\/uniquehot.com\/?p=666983"},"modified":"2024-12-24T18:33:06","modified_gmt":"2024-12-24T18:33:06","slug":"defi-exploits-plunge-40-in-2024-but-centralized-exchange-losses-soar-report","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/defi\/defi-exploits-plunge-40-in-2024-but-centralized-exchange-losses-soar-report\/","title":{"rendered":"DeFi Exploits Plunge 40% In 2024, But Centralized Exchange Losses Soar \u2013 Report"},"content":{"rendered":"

According to a <\/span>report<\/span><\/a> published today by blockchain security firm Hacken, decentralized finance (DeFi) protocols witnessed a steep decline in exploits in 2024, while centralized finance (CeFi) platforms more than doubled their losses due to security breaches.<\/span><\/p>\n

DeFi Platforms Show Better Security Mechanisms<\/span><\/h2>\n

In its annual \u201cWeb3 Security Report,\u201d Hacken outlined the general trends in the cryptocurrency industry with regard to scams and security infrastructure. The report notes that total losses arising from security failure in 2024 stood at $2.91 billion.<\/span><\/p>\n

Related Reading: WazirX Exchange Releases Post-Mortem Report: Was North Korea Behind The $235M Exploit?<\/a><\/div>\n

DeFi protocols accounted for $474 million in losses this year, a 40% decline from $787 million in 2023. This sharp drop reflects the growing adoption of advanced security techniques, such as zero-knowledge cryptography and multi-party computation, across the DeFi ecosystem.<\/span><\/p>\n

One key factor contributing to the reduction in DeFi exploits was the sharp decline in cross-chain bridge hacks. Losses from these attacks have consistently fallen – from $1.89 billion in 2022 to $338 million in 2023, and finally to $114 million in 2024.<\/span><\/p>\n

In contrast, CeFi platforms, including cryptocurrency exchanges, reported $694 million in losses in 2024, more than double the $339 million recorded in 2023. CeFi accounted for nearly one-third of all crypto-related incidents, highlighting persistent vulnerabilities in centralized systems.<\/span><\/p>\n

Gaming and metaverse projects were another major target in 2024, responsible for nearly 20% of all crypto-related hacks, with $389 million in losses. The largest gaming\/metaverse breach of the year was the PlayDapp exploit in Q1 2024, which resulted in a $290 million loss.<\/span><\/p>\n

Phishing scams also remained a significant concern, causing more than $600 million in losses this year. These scams highlight increasingly sophisticated social engineering tactics in the Web3 space.<\/span><\/p>\n

In November, the sector faced a $129 million address poisoning attack. For context, address poisoning phishing involves attackers sending small transactions from an address that closely resembles one the victim has interacted with, tricking them into mistakenly sending funds to the fraudulent address in future transactions.<\/span><\/p>\n

Memecoins And Rugpulls Continue To Prey On Users<\/span><\/h2>\n

While memecoins were <\/span>all the rage<\/span><\/a> for the majority of 2024 – particularly on the Solana (SOL) blockchain due to its <\/span>low transaction costs<\/span><\/a> – a significant proportion of them preyed on investors through presale scams and celebrity-endorsed rug pulls.<\/span><\/p>\n

Related Reading: Dogecoin & Other Memecoins No Longer Grabbing Social Media Attention: Santiment<\/a><\/div>\n

One notable example is the Hawk Tuah memecoin, launched by viral influencer Hailey Welch, popularly known as \u201cHawk Tuah Girl\u201d. The coin\u2019s value <\/span>plummeted<\/span><\/a> 95% shortly after launch, sparking severe backlash from the wider Web3 community.\u00a0<\/span><\/p>\n

The rise in memecoin-related scams also underscores the need for greater investor education, particularly when engaging with such speculative assets. At press time, Bitcoin (BTC) trades at $98,921, up 5.8% in the past 24 hours.<\/span><\/p>\n

\"bitcoin\"
BTC trades at $98,921 on the daily chart | Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from Unsplash, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

According to a report published today by blockchain security firm Hacken, decentralized finance (DeFi) protocols witnessed a steep decline in exploits in 2024, while centralized finance (CeFi) platforms more than doubled their losses due to security breaches. DeFi Platforms Show Better Security Mechanisms In its annual \u201cWeb3 Security Report,\u201d Hacken outlined the general trends in the cryptocurrency industry with regard to scams and security infrastructure. The report notes that total losses arising from security failure in 2024 stood at $2.91 billion. Related Reading: WazirX Exchange Releases Post-Mortem Report: Was North Korea Behind The $235M Exploit? DeFi protocols accounted for $474 million in losses this year, a 40% decline from $787 million in 2023. This sharp drop reflects the growing adoption of advanced security techniques, such as zero-knowledge cryptography and multi-party computation, across the DeFi ecosystem. One key factor contributing to the reduction in DeFi exploits was the sharp decline in cross-chain bridge hacks. Losses from these attacks have consistently fallen – from $1.89 billion in 2022 to $338 million in 2023, and finally to $114 million in 2024. In contrast, CeFi platforms, including cryptocurrency exchanges, reported $694 million in losses in 2024, more than double the $339 million recorded in 2023. CeFi accounted for nearly one-third of all crypto-related incidents, highlighting persistent vulnerabilities in centralized systems. Gaming and metaverse projects were another major target in 2024, responsible for nearly 20% of all crypto-related hacks, with $389 million in losses. The largest gaming\/metaverse breach of the year was the PlayDapp exploit in Q1 2024, which resulted in a $290 million loss. Phishing scams also remained a significant concern, causing more than $600 million in losses this year. These scams highlight increasingly sophisticated social engineering tactics in the Web3 space. In November, the sector faced a $129 million address poisoning attack. For context, address poisoning phishing involves attackers sending small transactions from an address that closely resembles one the victim has interacted with, tricking them into mistakenly sending funds to the fraudulent address in future transactions. Memecoins And Rugpulls Continue To Prey On Users While memecoins were all the rage for the majority of 2024 – particularly on the Solana (SOL) blockchain due to its low transaction costs – a significant proportion of them preyed on investors through presale scams and celebrity-endorsed rug pulls. Related Reading: Dogecoin & Other Memecoins No Longer Grabbing Social Media Attention: Santiment One notable example is the Hawk Tuah memecoin, launched by viral influencer Hailey Welch, popularly known as \u201cHawk Tuah Girl\u201d. The coin\u2019s value plummeted 95% shortly after launch, sparking severe backlash from the wider Web3 community.\u00a0 The rise in memecoin-related scams also underscores the need for greater investor education, particularly when engaging with such speculative assets. At press time, Bitcoin (BTC) trades at $98,921, up 5.8% in the past 24 hours. Featured image from Unsplash, chart from Tradingview.com<\/p>\n","protected":false},"author":619,"featured_media":666987,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83405],"tags":[428,1119,78790,84230,1558,70707,54512,88164,93797,12837,83626],"class_list":["post-666983","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi","tag-bitcoin","tag-btc","tag-btcusdt","tag-cefi","tag-cryptocurrency","tag-decentralized-finance","tag-defi","tag-memecoins","tag-rugpulls","tag-sol","tag-solana"],"acf":[],"yoast_head":"\nDeFi Exploits Plunge 40% In 2024, But Centralized Exchange Losses Soar \u2013 Report<\/title>\n<meta name=\"description\" content=\"According to a report by Hacken, DeFi protocols saw a decline in exploits in 2024, while CeFi platforms more than doubled their losses.\" 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Ash\u2019s hands-on involvement has allowed him to analyze the risks, rewards, and broader implications of liquidity pools, giving him a well-rounded perspective on this integral part of DeFi. His understanding of risk management and protocol design allows him to provide insights into how these systems can be navigated effectively, with an emphasis on both opportunity and caution. When it comes to communicating these complex topics, Ash\u2019s writing is grounded in clarity and depth. He excels at breaking down intricate blockchain concepts into easily digestible information for a wide audience. Whether explaining the workings of decentralized exchanges or outlining the future potential of blockchain technology, Ash ensures that his content is accessible to both those new to the space and experienced participants looking for deeper insights. Beyond DeFi and NFTs, Ash explores a wide array of emerging blockchain applications. 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