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The first six months of 2024 witnessed a wave of cyber attacks in the cryptocurrency sector. According to PeckShieldAlert, which closely monitors fraud-related developments, over 200 major attacks were reported. These attacks resulted in losses of approximately $1.56 billion, with only $319 million successfully recovered.
Weaknesses of DeFi Protocols
Considering that losses were only $480 million in the same period last year, this year saw a significant 293% increase. This sharp rise highlighted the growing threats faced by cryptocurrencies.
Decentralized Finance (DeFi) protocols have become the primary target for cybercriminals. Numerically, they account for 59% of the total stolen value. The increasing popularity and value of DeFi platforms have drawn the attention of cybercriminals to this area.
While the decentralized nature of these platforms offers various advantages to users, it also brings unique security challenges. The need to protect users and their assets has become critical for the future of DeFi.
Most Affected Cryptocurrencies
The impact of these attacks was felt across more than 20 public Blockchain networks. In terms of lost amounts, Ethereum, Bitcoin, and XRP were the most affected cryptocurrencies. Even these well-established and widely used currencies were not immune to security breaches. Particularly, Ethereum and BNB Chain were heavily hit, accounting for 31.3% of the total hacks. Arbitrum ranked third, constituting 12.5% of the attacks.
The concentration of attacks on networks like Ethereum and BNB Chain once again highlighted the importance of these platforms in the crypto ecosystem. Their broad user bases and popularity seem to have made these networks attractive targets for cybercriminals. Based on what we have written so far, we can say that the significant increase in the number of hacks and losses in the first half of 2024 serves as a warning for the crypto world.
The fundamental action to be taken in this situation will be to ensure the security of the networks. On the other hand, not allowing fraud-focused cryptocurrency projects on these networks could be an opportunity to minimize attacks.
