Part 1: The Growing Threat of Cyberattacks in the Crypto World

In September 2024, the crypto industry faced massive security challenges, with hackers exploiting vulnerabilities in centralized platforms and protocols. According to PeckShield, losses from hacks and breaches surpassed $120 million, a significant figure that highlights the persistent risks in the space. The three largest incidents alone caused damage of over $90 million:

• The BingX platform suffered the biggest attack, losing $44 million.
• Penpie, a DeFi protocol, was hit with a loss of $27.3 million.
• Indodax, an Indonesian exchange, reported a breach amounting to $21 million.

The majority of these attacks targeted centralized exchanges (CEX), highlighting how these platforms remain vulnerable despite advancements in security. This raises concerns among both investors and developers about the security measures employed by major exchanges. As more assets flow into CEXs, they become increasingly attractive targets for hackers.

For investors, it’s crucial to understand that not all exchanges provide the same level of protection. Choosing a secure platform can help mitigate risks. To avoid becoming a victim of the next major attack, due diligence on security features—such as two-factor authentication (2FA), cold storage, and compliance with regulatory standards—is essential.
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