In the second quarter of 2024, the crypto industry faced significant losses totaling $572.7 million across 72 hacking and scam incidents, marking a sharp increase from previous quarters.

Centralised finance platforms (CeFi) were the primary targets, accounting for $401.4 million (70%) of the total losses, while decentralised finance (DeFi) platforms accounted for $171.3 million (30%).

Two major incidents, including the $305 million loss at DMM Bitcoin, contributed significantly to these figures.

Hacks dominated the losses, totaling $564.2 million across 53 incidents, emphasising vulnerabilities in CeFi platforms despite ongoing regulatory pressures on DeFi platforms to enhance security measures.

The report underscores the urgent need for robust cybersecurity measures to safeguard the crypto ecosystem against escalating threats.