👇Protecting Your Crypto: Insights from TRM Labs and Cyvers

🔒 Surge in Crypto Cybercrimes
In the first half of 2024, cybercrimes in the crypto sphere skyrocketed. TRM Labs reported $1.38 billion in stolen cryptocurrency, almost double last year's $657 million.

💻 Hacks and Exploits
A few large attacks accounted for 70% of the stolen amount. The main attack vectors were compromising private keys and address poisoning. The largest attack was on DMM Bitcoin, with over 4,500 BTC stolen. Hackers used stolen keys or address poisoning, tricking victims into sending funds to wrong addresses.

🏆 Trusted Exchanges
Security is crucial when choosing a cryptocurrency exchange. Hacken listed the most secure exchanges: Cryptology, Kraken, WhiteBIT, Coinbase, and Crypto.

🔄 Shift from DeFi to CeFi
Cyvers reported a sharp increase in losses from cyberattacks, with $630 million stolen and a 900% increase in losses from centralized exchanges (CEX). Smart contract exploits, access breaches, phishing, and address poisoning were common attack types. Despite more attacks, recovery efforts have improved.

📊 Changing Attack Vectors
There has been a significant shift to attacking CEXs, while DeFi protocols show resilience. Future threats include more attacks on Layer 2 solutions and AI-assisted network raids, with risks for gaming platforms and NFTs.

🤖 Localized AI Models for Security
Tether CEO Paolo Ardoino emphasized localizing AI models to enhance security and privacy, allowing models to run directly on user devices without third-party servers. Tether is exploring integrating locally executable AI models into its solutions.

📉 Summary
In 2024, crypto cybercrimes doubled, with $1.38 billion stolen. Major attacks targeted private keys and addresses. Losses from CEX attacks rose 900%. Multi-layered security is essential to combat the growing threat.