The Ethereum blockchain has become the main target for attackers$AST $PIVX $KMD

According to the annual Cyvers report, vulnerabilities in access management have been the primary cause of losses. Such cases accounted for 81% of all stolen funds. Platforms on the Ethereum blockchain suffered more than others this year, losing over $1.2 billion.

"The rise in access management violations and complex fraudulent schemes, such as Pig Butchering, underscores the importance of implementing AI-based risk assessment tools, transaction validation, and anomaly detection. Security must evolve to stay ahead of increasingly sophisticated and coordinated attacks," said Cyvers to BeInCrypto.

Vulnerabilities in smart contracts dominated attacks, especially in DeFi. The third quarter of 2024 was the worst for losses — during this period, fraudsters stole about $790 million.

"If crypto platforms want to avoid becoming the next victim of hackers, they need to implement robust detection and prevention systems and integrate them with crisis response mechanisms. #2024withBinance