"According to Cyvers' mid-year Web3 security report, the total amount of crypto stolen this year is approaching $1.4 billion, with centralized exchanges becoming the new hotbed for attacks. 📈

In the second quarter of 2024, the total amount of crypto lost exceeded $600 million, a 100% increase compared to the same period last year. This spike is mainly due to a 900% increase in the amount of money lost on centralized exchanges.

"Attacks through access breaches - often phishing attacks - accounted for the majority of money stolen, about $490 million in Q2 alone," according to Cyvers.

Decentralized finance (DeFi) protocols have been quick to freeze compromised smart contracts to protect users, but Cyvers warns that the risk of attacks remains as hackers find new vulnerabilities in complex contracts.

The famous May breach of Japanese cryptocurrency exchange DMM heavily impacted Cyvers' Q2 data. This attack resulted in the loss of more than $300 million.

The report also notes that victims are having more success in recovering lost money, with the total amount recovered increasing by 42% in Q2 compared to the same period last year.

Web3 users should be wary of new threats from artificial intelligence and quantum computing, which could provide hackers with new tools to bypass onchain security measures, according to Cyvers.

What do you think about this situation? Please leave your opinion below in the comments section!#crypto#blockchain #security"