news 
Access Control Vulnerabilities Cause $1.7B in Losses Across CeFi, DeFi, and Gaming
According to a recent report by Hacken, access control vulnerabilities have emerged as the leading cause of crypto hack losses across centralized finance (CeFi), decentralized finance (DeFi), and gaming/metaverse platforms in 2024. A staggering $1.7 billion was lost due to these vulnerabilities, accounting for an astonishing 75% of total damages.
The data reveals a significant increase from the previous year’s 50%. The surge can be attributed to unauthorized access and private key thefts, highlighting the pressing need for stronger security measures across Web3 platforms.
The CeFi sector suffered major incidents at DMM Exchange and WazirX, resulting in combined losses exceeding $500 million. This represents a substantial portion of the total losses, emphasizing the necessity for enhanced security protocols within centralized financial institutions.
In contrast, exploits targeting smart contract vulnerabilities contributed only 14% to total losses, indicating a shift towards more strategic attacks on access control systems. The statistics also demonstrate that while DeFi-related losses dropped by 40% compared to the previous year, this is no consolation given the considerable magnitude of the issue.
The gaming/metaverse sector, however, has experienced significant challenges in securing access management, particularly on newer platforms such as Blast. As a result, three major incidents accounted for nearly 80% of total losses in this sector. The data highlights the pressing need for more robust security measures to prevent further breaches and protect user assets.
These findings should serve as a stark warning for all Web3 platforms, emphasizing the importance of strengthening access control systems to safeguard against these growing threats.
Source: cryptopotato.com
