đ„Hot off the press! Q2 2024 saw crypto losses from hacks & scams skyrocket to a whopping $572M, more than double from Q2 2023. The main culprits? Centralized exchange hacks. đ±
Before you panic, remember that Q1 saw a 23% reduction in losses. The trend was going strong until late May & June turned the tables. The biggest blow? A private key hack on DMM that swiped $305M worth of Bitcoin. Ouch! đ
Centralized protocols & exchanges took a $401M hit, accounting for 70% of total losses. But hey, only five successful attacks were recorded against them. Decentralized protocols, on the other hand, faced 62 successful exploits or scams. đ
On the bright side, DeFi protocols saw a 25% decrease in losses from Q2 2023, totaling $171M. Ethereum & BNB Smart Chain remained the top two targets, accounting for 71% of total losses. đŻ
Immunefi's founder emphasized the need for robust security measures in the crypto ecosystem. Some stolen funds were recovered, thanks to diligent security researchers. đ”ïžââïž
So, what's your take on this? Are we doing enough to safeguard our crypto? Drop your thoughts below! đ #DeFi #Web3 #CryptoSecurity