The year 2024 has recorded unprecedented losses in the
cybersecurity landscape. By the end of Q3, they reached $2.11 billion in total,
surpassing all the losses from 2023, Cyvers’ report shows.
The year has witnessed a sharp increase in hacking
incidents. This highlights a growing threat landscape that necessitates immediate
attention, as shown by the significant breach of WazirX and DMM Bitcoin
exchange.
In the first three quarters of 2024, losses have already
exceeded the total for 2023. Key statistics illustrate this trend: from
January to September 2023, losses amounted to $1.23 billion, while the total
for January to December 2023 was $1.69 billion.
The losses from January to September 2024 represent an
approximately 72% increase compared to the same period in the previous year.
Additionally, hacking incidents in centralized finance (CeFi) entities have
surged by nearly 1,000%. Losses from wallet and custodian breaches have
almost doubled. Conversely, losses from decentralized finance (DeFi) platform
hacks have decreased by 25%.
CeFi Vulnerabilities: WazirX and DMM
CeFi platforms have experienced a dramatic rise in hacking
incidents. The year has seen a 984% year-on-year increase in hacks, driven
primarily by several high-profile attacks. In Q2 2024, centralized exchanges
reported losses of approximately $401 million due to five significant attacks.
The DMM Bitcoin exchange breach accounted for $305 million
of this total, marking it as one of the largest centralized exchange
breaches of the year. Other affected platforms included BtcTurk, Lykke, Rain
Exchange, and FixedFloat. This increase in vulnerabilities underscores the need
for improved access controls and regulatory oversight.
Bitcoin Heist Hits Japanese Exchange DMM Bitcoin https://t.co/RPT9Vxhsnf pic.twitter.com/HCXDznWG2o
— CySecurity News (@EHackerNews) June 6, 2024
In related news, a Singapore court has granted a four-month
moratorium to the Indian cryptocurrency exchange
