Rising Prices, Rising Risks: Crypto Hacks Skyrocket To $1.6 Billion, Report

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Bitcoinist 10h ago

Rising Prices, Rising Risks: Crypto Hacks Skyrocket To $1.6 Billion, Report - Bitcoinist

Quick Summary:

Crypto investors and platforms are facing a growing threat as the value of crypto hacks has nearly doubled in the first seven months of 2024, reaching a staggering $1.6 billion, according to a new report from blockchain analytics firm Chainalysis.

At the time of writing, the total crypto market capitalization stands at $2 trillion after dropping to the $1.6 trillion mark in early August.

However, the latest data suggests that hackers are once again setting their sights on centralized exchanges (CEXs), which often hold large amounts of cryptocurrency and may have weaker security protocols than their DeFi counterparts.