Hackers Steal $2.3B in Crypto in 2024

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Hackers targeting cryptocurrency this year made record-breaking achievements by stealing over $2.3 billion worth of crypto assets from the Web3 ecosystem, causing concern for the industry’s mainstream adoption.

The rise in cryptocurrency value, especially after Bitcoin’s price exceeded $100,000 on December 6, was a major factor in the surge of crypto hacks.

According to Cyvers, an onchain security firm, there were 165 incidents in which hackers stole assets, a drastic 40% increase from the previous year’s $1.69 billion.

This rise was largely driven by breaches in access control, particularly in centralized exchanges (CEXs) and crypto custodians, according to Deddy Lavid, co-founder and CEO of Cyvers.

He stated that compromised private keys and weak key management systems were often to blame, as seen in high-profile hacks involving multi-signature wallets.

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