Cryptocurrency Hacks 2024: Centralized Exchanges Hit Hard with 900% Surge in Theft

Cryptocurrency Hacks 2024: Centralized Exchanges Hit Hard with 900% Surge in Theft

In 2024, cryptocurrency hacks have shifted focus to centralized exchanges, witnessing a 900% rise in stolen funds compared to last year, according to Cyvers. Their mid-year security report shows nearly $1.4 billion in total stolen crypto, with $600 million lost in just Q2. This represents a 100% increase from the same period in 2023. While DeFi protocols are becoming more resilient, centralized exchanges face significant breaches due to asset concentration and possible security lapses. The rise in cryptocurrency hacks 2024 highlights the urgent need for stronger security measures on these platforms.