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Crypto Industry Lost $2.3 Billion to Cyber Threats in 2024: Cyvers Report
The cryptocurrency industry has witnessed a staggering surge in cyber threats, with losses totaling over $2.3 billion across 165 incidents in the year 2024. This is a significant increase of 40% compared to the previous year’s total losses of $1.69 billion.
According to a comprehensive report by Cyvers, the crypto industry suffered from a range of malicious activities, including access control incidents that led to thefts amounting to over $1.9 billion across 67 incidents. In contrast, code vulnerabilities were responsible for approximately $456 million in losses across 98 incidents. Notably, address poisoning scams accounted for just one incident but resulted in the loss of a significant $68.7 million.
The report highlights that despite an increase in fraudulent activities, there was still a notable recovery rate of over $1.3 billion returned to affected projects, largely attributed to bug bounty programs.
Source: cryptopotato.com
