Vulnerability Exposures in Financial and Gaming Sectors Reach $1.7 Billion in Losses

Access Control Vulnerabilities Cause $1.7B in Losss Across CeFi, DeFi, and Gaming

A recent report by Hacken has revealed that access control vulnerabilities have been the leading cause of losses across centralized finance (CeFi), decentralized finance (DeFi), and gaming/metaverse sectors, resulting in a staggering $1.7 billion in losses.

The findings highlight a significant surge in attacks targeting private key compromise, which has stemmed from weak key management practices, social engineering, and insecure backup methods. This disturbing trend underscores the pressing need for enhanced security measures across Web3 platforms to prevent unauthorized access and protect user assets.

In 2024 alone, CeFi, DeFi, and gaming/metaverse sectors collectively suffered losses of $1.7 billion due to unsecured access control. The report suggests that the majority of these losses can be attributed to the exploitation of private keys, resulting in compromised funds and sensitive data breaches.

The figures are alarming, with the CeFi sector alone experiencing significant financial losses due to vulnerability attacks. Major incidents at DMM Exchange and WazirX, for instance, led to combined losses exceeding $500 million.

In contrast, exploits targeting smart contract vulnerabilities contributed a mere 14% of total losses across all categories.

Source: cryptopotato.com