The cryptocurrency industry faced challenges in the second quarter, with losses from hacker attacks and scams totaling approximately $57.2 billion, a significant increase compared to the previous quarter. This increase in losses represents a 70.3% rise from the first quarter and a concerning 112% increase from the same period last year, highlighting the escalating vulnerability of digital assets.
Web3 Immunefi emphasized the critical state of cryptocurrency security and stressed the urgent need for enhanced protection measures across the industry. Centralized finance (CeFi) platforms were particularly hard-hit, accounting for 70% of the total losses. This shift signifies a worrying trend, as attackers increasingly target these structures instead of the previously more vulnerable DeFi networks.
Read more:
In a dispute related to cryptocurrency investments, a man shot and killed his wife.
Major incidents include:
1. Development:
– DMM Bitcoin, a Japanese cryptocurrency exchange, suffered a loss of $3.05 billion.
2. Theft:
– BtcTurk, a Turkish cryptocurrency exchange, experienced a theft of $550,000 in funds.
The month of May was the most challenging, with total losses amounting to $2.87 billion. Despite significant economic losses, there were some small victories, such as recovering $50,000, which accounted for only 1% of the total stolen amount in the second quarter. These recoveries were related to four vulnerabilities: Bloom, ALEX Lab, Gala Games, and YOLO Game.
Read more:
Cardano suffered a hacker attack – what are the consequences?
Ethereum and BNB were the most targeted networks this quarter. Ethereum experienced the highest number of attacks, with 34 incidents, accounting for 46.6% of the total losses on the chain, followed by BNB with 18 incidents.
These targeted attacks on well-known networks highlight the need to remain vigilant and improve security protocols within these ecosystems.
