{"id":34009,"date":"2024-12-24T22:00:17","date_gmt":"2024-12-24T19:00:17","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=34009"},"modified":"2024-12-24T20:12:53","modified_gmt":"2024-12-24T17:12:53","slug":"hacken-web3-security-report-released","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/hacken-web3-security-report-released\/","title":{"rendered":"Hacken Web3 Security Report Released!"},"content":{"rendered":"<p>As of <strong>2024<\/strong>, the <strong>decentralized finance<\/strong> (<strong><em>DeFi<\/em><\/strong>) sector has seen a <strong>40% reduction<\/strong> in losses due to enhanced security measures, while <strong>centralized finance<\/strong> (<strong><em>CeFi<\/em><\/strong>) breaches have reached a record high of <strong>$694 million<\/strong>. According to <strong>Hacken<\/strong>\u2019s &#8220;<em><strong>Web3 Security Report<\/strong><\/em>&#8221; for <strong>2024<\/strong>, as DeFi protocols have strengthened their security, losses have decreased through improvements in bridges and cryptographic systems. However, centralized exchanges have faced a challenging year due to critical security vulnerabilities.<\/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\/hacken-web3-security-report-released\/#DeFi_Security_Improvements\" title=\"DeFi Security Improvements\">DeFi Security Improvements<\/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\/hacken-web3-security-report-released\/#CeFi_Problems_on_the_Rise\" title=\"CeFi Problems on the Rise\">CeFi Problems on the Rise<\/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\/hacken-web3-security-report-released\/#2024_Web3_Security_Overview\" title=\"2024 Web3 Security Overview\">2024 Web3 Security Overview<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"DeFi_Security_Improvements\"><\/span>DeFi Security Improvements<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to Hacken\u2019s report, DeFi\u2019s security measures made significant progress in <strong><em>2024<\/em><\/strong>. DeFi losses dropped from <strong>$787 million<\/strong> in <em><strong>2023<\/strong><\/em> to <strong>$474 million<\/strong> <em><strong>this year<\/strong><\/em>. Specifically, vulnerabilities related to bridges have dramatically decreased. In <em><strong>2023<\/strong><\/em>, bridge vulnerabilities reached <strong>$338 million<\/strong>, but in <em><strong>2024<\/strong><\/em>, this figure dropped to just <strong>$114 million<\/strong>.<\/p>\n<p>Despite these improvements, challenges remain in the DeFi sector. Access control vulnerabilities still account for nearly half of DeFi-related losses.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"CeFi_Problems_on_the_Rise\"><\/span>CeFi Problems on the Rise<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The report indicates that CeFi experienced a significant security setback in 2024 compared to DeFi. CeFi losses doubled from <em><strong>2023<\/strong><\/em>, reaching <strong>$694 million<\/strong>. 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 <strong>$305 million<\/strong> was stolen.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"2024_Web3_Security_Overview\"><\/span>2024 Web3 Security Overview<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>2024 has been a pivotal year for Web3 security. Losses in DeFi, CeFi, gaming, and metaverse platforms surpassed a total of <strong>$2.9 billion<\/strong>. Access control vulnerabilities made up <em><strong>75%<\/strong><\/em> of all crypto attacks, while phishing scams cost the industry <strong>$600 million<\/strong>. However, DeFi losses decreased by <strong><em>40%<\/em><\/strong>, and bridge vulnerabilities reached their lowest levels ever.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As of 2024, the decentralized finance (DeFi) sector has seen a 40% reduction in losses due to enhanced security measures, while centralized finance (CeFi) breaches have reached a record high of $694 million. According to Hacken\u2019s &#8220;Web3 Security Report&#8221; for 2024, as DeFi protocols have strengthened their security, losses have decreased through improvements in bridges<\/p>\n","protected":false},"author":6,"featured_media":34010,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[6059,58,93,10443,10441,85,10442],"class_list":["post-34009","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cefi","tag-cryptocurrency","tag-defi","tag-hacken","tag-security-report-2024","tag-web3","tag-web3-security-statistics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hacken Web3 Security Report Released! - 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\/hacken-web3-security-report-released\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hacken Web3 Security Report Released! - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"As of 2024, the decentralized finance (DeFi) sector has seen a 40% reduction in losses due to enhanced security measures, while centralized finance (CeFi) breaches have reached a record high of $694 million. 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