DeFi Security Improvements

According to Hacken’s report, DeFi’s security measures made significant progress in 2024. DeFi losses dropped from $787 million in 2023 to $474 million this year. Specifically, vulnerabilities related to bridges have dramatically decreased. In 2023, bridge vulnerabilities reached $338 million, but in 2024, this figure dropped to just $114 million.

Despite these improvements, challenges remain in the DeFi sector. Access control vulnerabilities still account for nearly half of DeFi-related losses.

CeFi Problems on the Rise

The report indicates that CeFi experienced a significant security setback in 2024 compared to DeFi. CeFi losses doubled from 2023, reaching $694 million. The main drivers of this increase were access control breaches and vulnerabilities in private key management and multi-signature systems in centralized exchanges. A notable example of this trend is the hack at the DMM exchange, where $305 million was stolen.

2024 Web3 Security Overview

2024 has been a pivotal year for Web3 security. Losses in DeFi, CeFi, gaming, and metaverse platforms surpassed a total of $2.9 billion. Access control vulnerabilities made up 75% of all crypto attacks, while phishing scams cost the industry $600 million. However, DeFi losses decreased by 40%, and bridge vulnerabilities reached their lowest levels ever.

The post Hacken Web3 Security Report Released! appeared first on Coin Engineer.