PANews reported on December 25 that, according to Cointelegraph, based on the annual 'Web3 Security Report' by blockchain security firm Hacken, losses in the DeFi sector due to security incidents have decreased by 40% from 2023 to 2024 due to protocol improvements, enhanced bridging, and more advanced encryption measures.
At the same time, as CEX has become a primary target for access control vulnerabilities and other significant security risks, CeFi security incidents have more than doubled, with losses reaching $694 million. The surge in attack incidents is mainly attributed to access control vulnerabilities and notable events such as the DMM exchange hack in the second quarter and the WazirX hack in the third quarter. These incidents involved private key leaks and multi-signature exploitations, resulting in $305 million and $230 million stolen from the two exchanges, respectively.
The report shows that financial losses in DeFi have significantly decreased in 2024, dropping from $787 million in 2023 to $474 million this year. Among these, losses related to bridging-related security incidents have sharply declined from $338 million in 2023 to $114 million in 2024. Despite improvements in DeFi, such as multi-party computation and zero-knowledge proofs, challenges remain. In fact, access control vulnerabilities account for nearly half of all DeFi losses, such as the $55 million Radiant Capital hack.