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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

DeFi Exploits Plunge 40% In 2024, But Centralized Exchange Losses Soar – Report

Ash Tiwari
Ash Tiwari
7 months ago
3 mins read
DeFi

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According to a report published today by blockchain security firm Hacken, decentralized finance (DeFi) protocols witnessed a steep decline in exploits in 2024, while centralized finance (CeFi) platforms more than doubled their losses due to security breaches.

DeFi Platforms Show Better Security Mechanisms

In its annual “Web3 Security Report,” Hacken outlined the general trends in the cryptocurrency industry with regard to scams and security infrastructure. The report notes that total losses arising from security failure in 2024 stood at $2.91 billion.

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DeFi protocols accounted for $474 million in losses this year, a 40% decline from $787 million in 2023. This sharp drop reflects the growing adoption of advanced security techniques, such as zero-knowledge cryptography and multi-party computation, across the DeFi ecosystem.

One key factor contributing to the reduction in DeFi exploits was the sharp decline in cross-chain bridge hacks. Losses from these attacks have consistently fallen – from $1.89 billion in 2022 to $338 million in 2023, and finally to $114 million in 2024.

In contrast, CeFi platforms, including cryptocurrency exchanges, reported $694 million in losses in 2024, more than double the $339 million recorded in 2023. CeFi accounted for nearly one-third of all crypto-related incidents, highlighting persistent vulnerabilities in centralized systems.

Gaming and metaverse projects were another major target in 2024, responsible for nearly 20% of all crypto-related hacks, with $389 million in losses. The largest gaming/metaverse breach of the year was the PlayDapp exploit in Q1 2024, which resulted in a $290 million loss.

Phishing scams also remained a significant concern, causing more than $600 million in losses this year. These scams highlight increasingly sophisticated social engineering tactics in the Web3 space.

In November, the sector faced a $129 million address poisoning attack. For context, address poisoning phishing involves attackers sending small transactions from an address that closely resembles one the victim has interacted with, tricking them into mistakenly sending funds to the fraudulent address in future transactions.

Memecoins And Rugpulls Continue To Prey On Users

While memecoins were all the rage for the majority of 2024 – particularly on the Solana (SOL) blockchain due to its low transaction costs – a significant proportion of them preyed on investors through presale scams and celebrity-endorsed rug pulls.

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One notable example is the Hawk Tuah memecoin, launched by viral influencer Hailey Welch, popularly known as “Hawk Tuah Girl”. The coin’s value plummeted 95% shortly after launch, sparking severe backlash from the wider Web3 community. 

The rise in memecoin-related scams also underscores the need for greater investor education, particularly when engaging with such speculative assets. At press time, Bitcoin (BTC) trades at $98,921, up 5.8% in the past 24 hours.

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BTC trades at $98,921 on the daily chart | Source: BTCUSDT on TradingView.com
Featured image from Unsplash, chart from Tradingview.com
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Ash Tiwari
Ash Tiwari

Ash Tiwari

Ash is a dedicated crypto researcher and blockchain enthusiast with a passion for diving deep into the evolving world of decentralized technologies. With a background in writing and a natural curiosity for how digital assets are shaping the future, he has immersed himself in various sectors of the cryptocurrency space, including decentralized finance (DeFi), NFTs, and liquidity mining. His journey into crypto started with a desire to fully understand the technology behind it, leading him to explore and engage with these systems firsthand.

Read more

Ash’s approach to DeFi goes beyond surface-level research as he actively participates in decentralized protocols, testing their functionality to gain a deeper understanding of how they operate. From experimenting with staking mechanisms to exploring liquidity mining strategies, he is hands-on in his exploration, which allows him to provide practical, real-world insights that go far beyond theoretical knowledge. This immersive experience has helped him develop a comprehensive grasp of smart contracts, token governance, and the broader implications of decentralized platforms on the future of finance.

In the NFT space, Ash’s interest is driven by the technology’s potential to reshape ownership and creativity in the digital age. He has explored various NFT projects, gaining insights into how these digital assets function within different ecosystems. His focus is on understanding the evolving relationship between creators and communities, as well as the innovative uses of blockchain technology to establish authenticity and provenance in the digital world. Ash’s research in this area often touches on the intersection of culture, technology, and community-driven projects.

A key area of his expertise lies in liquidity mining, where he has engaged with various decentralized platforms to understand how liquidity provision contributes to the functionality and security of DeFi ecosystems. Ash’s hands-on involvement has allowed him to analyze the risks, rewards, and broader implications of liquidity pools, giving him a well-rounded perspective on this integral part of DeFi. His understanding of risk management and protocol design allows him to provide insights into how these systems can be navigated effectively, with an emphasis on both opportunity and caution.

When it comes to communicating these complex topics, Ash’s writing is grounded in clarity and depth. He excels at breaking down intricate blockchain concepts into easily digestible information for a wide audience. Whether explaining the workings of decentralized exchanges or outlining the future potential of blockchain technology, Ash ensures that his content is accessible to both those new to the space and experienced participants looking for deeper insights.

Beyond DeFi and NFTs, Ash explores a wide array of emerging blockchain applications. His research spans areas like cross-chain technologies, decentralized governance, and blockchain’s potential to integrate with traditional finance. He is continuously learning and adapting to the latest developments, ensuring that his insights are both timely and relevant. His interest extends to how these technologies are creating new possibilities for decentralization, transparency, and trust in a variety of industries.

Ash’s commitment to engaging with the crypto space firsthand gives him a unique perspective that goes beyond what can be learned from research alone. His practical involvement allows him to stay ahead of the curve, offering readers and enthusiasts a clear and comprehensive understanding of the rapidly evolving world of blockchain. Whether delving into the technical mechanics of DeFi or exploring the cultural impact of NFTs, Ash’s approach is always rooted in curiosity, research, and a desire to make this technology accessible to all.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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