PANews reported on December 25, according to Cointelegraph, that according to the annual 'Web3 Security Report' by blockchain security firm Hacken, losses in the DeFi sector due to security incidents decreased by 40% from 2023 to 2024 due to protocol improvements, enhanced bridging, and more advanced cryptographic measures.
Meanwhile, as CEX has become a primary target for access control vulnerabilities and other significant security risks, the number of CeFi security incidents has more than doubled, with losses rising to $694 million. The surge in attack incidents is primarily 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 exploitation, leading to $305 million and $230 million stolen from the two exchanges, respectively.
The report shows that financial losses in DeFi significantly decreased in 2024, dropping from $787 million in 2023 to $474 million this year. Among these, losses from security incidents related to bridging have sharply decreased from $338 million in 2023 to $114 million in 2024. Although there have been improvements in DeFi, such as multi-party computation and zero-knowledge proofs, challenges still persist; in fact, access control vulnerabilities account for nearly half of all DeFi losses, such as the $55 million Radiant Capital hack.