As Q2 2024 comes to a close, the Web3 landscape faces a dynamic security environment. The period saw a shift in attack vectors, with centralized exchanges experiencing major incidents while decentralized finance protocols showed improved resilience. Cyvers' report on Web3 security incidents in Q2 and H1 2024 reveals a significant increase in crypto losses due to cyberattacks. Smart contract exploits, access control breaches, and address poisoning were key contributors to the $629.68 million in losses during Q2 2024. Recovery efforts have improved, but the impact on the economy is substantial. The rise in CeFi losses, security breaches, and evolving attack tactics highlight the need for enhanced security measures. The report also notes geographical trends in cybersecurity threats and predicts future threats such as AI integration in attacks and quantum computing risks. User behavior, including phishing and weak passwords, remains a significant vulnerability that requires ongoing education and awareness campaigns. Read more AI-generated news on: https://app.chaingpt.org/news