The cryptocurrency industry faced challenges in the second quarter, with total losses from hacks and scams amounting to approximately $57.2 billion, a significant increase from the previous quarter. This increase represents a 70.3% rise compared to the first quarter and a troubling 112% rise year-over-year, highlighting an escalating trend of digital asset vulnerabilities.
Web3 Immunefi underscored the critical state of crypto security, emphasizing the urgent need for enhanced protection measures across the entire industry.
Centralized Finance (CeFi) platforms were particularly hard hit, accounting for 70% of the total losses. This shift marks a concerning trend where attackers increasingly target these structures rather than the previously more vulnerable DeFi networks.
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Key incidents included:
Development
Japanese cryptocurrency exchange DMM Bitcoin valued at $30.5 billion
Theft
$550,000 financing from Turkish cryptocurrency exchange BtcTurk
May was the most challenging month, with total losses amounting to $2.87 billion. Despite significant economic losses, there were some minor victories, such as recovering $50,000, which accounted for only X% of the total stolen in the second quarter. These recoveries were associated with vulnerabilities in four platforms: Bloom, ALEX Lab, Gala Games, and YOLO Game.
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Ethereum
и
BNB
were the most attacked networks this quarter. Ethereum suffered the most attacks, with 34 incidents, accounting for 46.6% of total losses on the chain, followed by BNB chain with 18 incidents.
These targeted attacks on known networks underscore the need for vigilance and improved security protocols within these ecosystems.
