Cyvers, a Web3 cybersecurity firm, reported a significant surge in losses due to hacks and scams within the cryptocurrency industry in 2024. The total losses in the first three quarters of the year amounted to a record-breaking $2.1 billion, surpassing the losses incurred in 2023. Centralized finance (CeFi) platforms were hit harder than decentralized finance (DeFi) platforms, experiencing a 984% year-on-year increase in losses. The second quarter of 2024 saw major incidents, including the $305 million hack of Japanese exchange DMM. Despite a 25% decrease in DeFi sector losses in Q2, vulnerabilities in access control and smart contracts remain significant concerns. Cyvers emphasized the need for proactive security measures, highlighting emerging threats like AI-driven attacks and quantum computing vulnerabilities. The company recommended the implementation of cross-chain security protocols, real-time threat detection technologies, and regulatory frameworks to mitigate risks. Global regulators were urged to prioritize cybersecurity efforts to safeguard the industry. Read more AI-generated news on: https://app.chaingpt.org/news