In the second quarter of 2024, attackers managed to steal about $600 million, which is twice as much compared to the same period last year. The main focus of hackers was on centralized cryptocurrency exchanges, from which 900% more funds were stolen than in the same quarter of 2023.
Change in Attack Vector
Analysts from Cyvers noted a significant change in the attack vector. This quarter, hackers focused on centralized platforms, while decentralized protocols proved to be more resilient to such attacks. «We observe that this quarter hackers targeted centralized exchanges, which may be due to the large amount of funds concentrated on these platforms,» — commented Cyvers analysts.
Impact of Japanese Exchange Hack
The largest share of the damage for the second quarter was contributed by the hack of the Japanese cryptocurrency exchange DMM, from which hackers withdrew assets amounting to $300 million. In 2024, 20 attacks on centralized exchanges were recorded, while the number of attacks on decentralized protocols was only 10. This emphasizes the growing attention of attackers to centralized platforms.
Resilience of Decentralized Protocols
Cyvers analysts also emphasize that decentralized protocols have demonstrated the ability to quickly freeze stolen funds, reducing hackers’ interest in such systems. However, risks remain high, especially regarding vulnerabilities in complex and cross-chain smart contracts, which could become potential targets for future attacks.
Loss Compensation Measures
It was previously reported that the DMM Bitcoin exchange plans to raise $321 million to compensate users affected by the recent hack. This step highlights the seriousness of the situation and the commitment of affected companies to compensate losses to their clients.
The situation in the cryptocurrency space continues to remain tense, and attention to security measures and data protection remains more relevant than ever.
