$ETH Cryptocurrency users lost $437 million to scams, rug pulls and hacks in the first three months of 2024, a sign that the industry remains susceptible to security risks, experts at Smart Betting Guide said in a recent report.
The decentralized finance (Defi) sector, in particular, has been identified as the most vulnerable, with all reported incidents this year belonging to this category. Ethereum has emerged as the most targeted blockchain, suffering from alarming 33 hacking incidents on its blockchain alone.
The study outlines the Ethereum chain at the top of the list for hacks, followed by BNB Chain with 14 incidents, Arbitrum with 6, and both Solana and Bitcoin reporting 2 incidents each.
To tackle these weak spots, the pros over at Smart Betting Guide provided some essential tips for crypto users on how to keep their assets secure. Key recommendations include avoiding cloud storage for passwords and seed phrases, which are critical for accessing crypto wallets and exchanges.
