🔔Crypto Alert! Q2 2024 saw a shocking $572.7M lost in crypto due to hacks & scams, a 112% rise from Q2 2023. Centralized finance platforms were the main targets, accounting for 70% of losses. 📈

The two largest exploits were DMM Bitcoin ($305M) and BtcTurk ($55M), contributing to 62.8% of total losses.

Why the surge? Centralized platforms' security weaknesses and growing value make them prime targets. Hacks accounted for 98.5% of losses, while scams made up a mere 1.5%.

Ethereum was the most targeted network, followed by BNB Chain and Arbitrum.

Despite the grim figures, DeFi platforms are upping their security game due to regulatory scrutiny. Only $26.7M has been recovered so far.

What are your thoughts on these alarming trends? Let's discuss below! 👇💬

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