{"id":24654,"date":"2024-07-09T15:00:11","date_gmt":"2024-07-09T12:00:11","guid":{"rendered":"https:\/\/coinengineer.io\/?p=24654"},"modified":"2024-07-09T10:28:29","modified_gmt":"2024-07-09T07:28:29","slug":"centralized-exchanges-at-the-center-of-rising-crypto-thefts-in-2024","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/centralized-exchanges-at-the-center-of-rising-crypto-thefts-in-2024\/","title":{"rendered":"Centralized Exchanges at the Center of Rising Crypto Thefts in 2024"},"content":{"rendered":"<p>With centralized exchanges as the main targets for vulnerabilities, cybersecurity company <strong>Cyvers<\/strong>&#8216; mid-year Web3 security report indicates that the total sum of stolen crypto assets in 2024 is around $1.4 billion.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/centralized-exchanges-at-the-center-of-rising-crypto-thefts-in-2024\/#Surge_in_Centralized_Exchange_Exploits\" title=\"Surge in Centralized Exchange Exploits\">Surge in Centralized Exchange Exploits<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/centralized-exchanges-at-the-center-of-rising-crypto-thefts-in-2024\/#Nature_of_Attacks_and_Notable_Incidents\" title=\"Nature of Attacks and Notable Incidents\">Nature of Attacks and Notable Incidents<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/centralized-exchanges-at-the-center-of-rising-crypto-thefts-in-2024\/#Recovery_of_Stolen_Funds_and_Future_Threats\" title=\"Recovery of Stolen Funds and Future Threats\">Recovery of Stolen Funds and Future Threats<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Surge_in_Centralized_Exchange_Exploits\"><\/span>Surge in Centralized Exchange Exploits<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>With overall crypto losses in the second quarter of 2024 exceeding <strong>$600 million<\/strong>, there was a 100% rise over last year. Losses on centralized exchanges accounted for 900% of the main cause of this explosion in stolen money. The study links this change to the concentration of assets on these platforms and maybe inadequate security policies.<\/p>\n<p>&#8220;<em>This quarter has seen a notable change in attack paths; centralized exchanges (CEX) bear the most of the major incidents, while decentralized finance (DeFi) systems show improved resilience<\/em>&#8221; the research said.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Nature_of_Attacks_and_Notable_Incidents\"><\/span>Nature of Attacks and Notable Incidents<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>With over $490 million of the stolen money in Q2 alone coming from access control breaches\u2014often in the form of phishing attacks\u2014smart contract vulnerabilities accounted for less than $70 million withdrawn. DeFi protocols&#8217; quick response to freeze corrupted smart contracts has shielded consumers, even if dangers still exist when hackers discover fresh weaknesses.<\/p>\n<p>One well-publicized incident was the May hack of Japanese bitcoin exchange DMM, which exposed a private key and caused losses of over $300 million. Furthermore, in June Turkish bitcoin exchange <strong>BtcTurk<\/strong> lost around $50 million to hackers.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Recovery_of_Stolen_Funds_and_Future_Threats\"><\/span>Recovery of Stolen Funds and Future Threats<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>With a 42% increase in recovered monies in Q2 compared to last year, victims are having better success in recovering their stolen money even if theft is rising. <em>Still, 76% of missing money never comes back<\/em>. <strong>Cyvers<\/strong> also spoke of potential dangers from artificial intelligence and quantum computing, which may provide hackers advanced new tools for evading onchain security systems.<\/p>\n<p>In essence, even if distributed financial systems exhibit better resilience, centralized exchanges have evolved as the new ground zero for crypto attacks with major security concerns ahead.<\/p>\n<p><i><span style=\"font-weight: 400\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our <\/span><\/i><a href=\"https:\/\/t.me\/coinengineernews\"><i><span style=\"font-weight: 400\">Telegram, <\/span><\/i><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\"><i><span style=\"font-weight: 400\">YouTube<\/span><\/i><\/a><i><span style=\"font-weight: 400\">, and <\/span><\/i><a href=\"https:\/\/twitter.com\/coinengineers\"><i><span style=\"font-weight: 400\">Twitter<\/span><\/i><\/a><i><span style=\"font-weight: 400\"> channels for the latest <\/span><\/i><a href=\"https:\/\/coinengineer.net\/blog\/news\/\"><i><span style=\"font-weight: 400\">news<\/span><\/i><\/a><i><span style=\"font-weight: 400\"> and updates.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With centralized exchanges as the main targets for vulnerabilities, cybersecurity company Cyvers&#8216; mid-year Web3 security report indicates that the total sum of stolen crypto assets in 2024 is around $1.4 billion. Surge in Centralized Exchange Exploits With overall crypto losses in the second quarter of 2024 exceeding $600 million, there was a 100% rise over<\/p>\n","protected":false},"author":6,"featured_media":24655,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,657,1,2],"tags":[7269,1204],"class_list":["post-24654","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-en","category-genel","category-news","tag-crypto-theft","tag-cyvers"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Centralized Exchanges at the Center of Rising Crypto Thefts in 2024 - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/centralized-exchanges-at-the-center-of-rising-crypto-thefts-in-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Centralized Exchanges at the Center of Rising Crypto Thefts in 2024 - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"With centralized exchanges as the main targets for vulnerabilities, cybersecurity company Cyvers&#8216; mid-year Web3 security report indicates that the total sum of stolen crypto assets in 2024 is around $1.4 billion. 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