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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’s “Web3 Security Report” for 2024, 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.
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.