Hacken shared a key lesson on the subject:“Securing digital assets requires more than just secure on-chain code — the entire infrastructure, from front-end interfaces to internal processes, must be equally hardened, as all it takes is a single weak spot to wreck the entire system.“No one is safeHacken’s report highlighted that the past few months saw “even the biggest centralized and decentralized players falling victim to operational failures, access control weaknesses, and in a few cases, social engineering.” The quarter did not see any notable new exploits, “but rather the continued effectiveness of existing attack vectors.”The report further highlights that, while smart contract vulnerabilities remain an issue, “most damage is now caused by failures in people, processes, or permission systems.” This is also reportedly the third quarter in a row that has seen the top exploit be a multisignature wallet-related hack.
Jain also highlighted a troubling trend in crypto scams becoming an industry:“The most worrying trend is the professionalization of scam networks, where criminals operate with startup-like efficiency, including ‘training programs’ for scammers, internal quotas, and multi-stage laundering schemes using platforms like Huione Pay.“The statement follows mid-January reports that Huione, often described as”“the largest online illicit marketplace to have ever operated”” highlighted that the service has seen its monthly inflows increase by 51% in just half a year.
According to a report shared with Cointelegraph by crypto cybersecurity firm Hacken, in Q1 2025, nearly $1.63 billion was lost just to access control exploits.
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Author / Journalist: Cointelegraph by Adrian Zmudzinski
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