According to the Hacken Web 3 Report 2024, decentralized finance protocols have seen a significant decrease in losses, while centralized protocols faced substantial losses.
40% Decrease in DeFi Losses
Hacken's report indicates that DeFi losses represented 20.4% of total crypto hack losses, marking a 40% decrease compared to last year. This drop reflects a reduction from $787 million in losses to $474 million.
Sharp Increase in CeFi Losses
Centralized finance losses have more than doubled in 2024, rising to $694 million. The DMM Bitcoin hack in May 2024 was notably the largest, with losses reaching $305 million. Another significant hack involves WazirX, accounting for 42.8% of Q3 crypto losses, nearly $240 million.
Access Control Vulnerabilities and Phishing Attacks
In 2024, $2.3 billion was drained from the crypto space through access control exploits. These attacks accounted for 75% of all crypto hack losses and nearly half of all DeFi losses. Additionally, phishing scams resulted in losses over $600 million.
This year was pivotal for financial protocols, highlighting the ongoing need to enhance security measures to prevent future attacks.
