🔥Hot off the press! Q2 2024 saw crypto losses from hacks & scams skyrocket to a whopping $572M, more than double from Q2 2023. The main culprits? Centralized exchange hacks. 😱

Before you panic, remember that Q1 saw a 23% reduction in losses. The trend was going strong until late May & June turned the tables. The biggest blow? A private key hack on DMM that swiped $305M worth of Bitcoin. Ouch! 💔

Centralized protocols & exchanges took a $401M hit, accounting for 70% of total losses. But hey, only five successful attacks were recorded against them. Decentralized protocols, on the other hand, faced 62 successful exploits or scams. 😅

On the bright side, DeFi protocols saw a 25% decrease in losses from Q2 2023, totaling $171M. Ethereum & BNB Smart Chain remained the top two targets, accounting for 71% of total losses. 🎯

Immunefi's founder emphasized the need for robust security measures in the crypto ecosystem. Some stolen funds were recovered, thanks to diligent security researchers. 🕵️‍♂️

So, what's your take on this? Are we doing enough to safeguard our crypto? Drop your thoughts below! 👇 #DeFi #Web3 #CryptoSecurity