In the second quarter of 2024, cryptocurrency losses due to hacks and scams more than doubled compared to the previous year, reaching over $572 million. This surge, as reported by blockchain security platform Immunefi, was a significant increase from the $220 million lost in Q2 of 2023. Centralized exchange hacks were the primary cause of these losses. While losses had been decreasing prior to Q2, a sudden spike occurred in May and June. The largest loss was from the private key hack of DMM exchange, totaling $305 million in Bitcoin. Centralized protocols and exchanges accounted for $401 million of the losses, with only five successful attacks. Decentralized finance protocols saw a $171 million loss, with Ethereum and BNB Smart Chain being the top targets. Despite some funds being recovered, the report emphasizes the importance of centralized exchange security. Read more AI-generated news on: https://app.chaingpt.org/news