2024

Security

WazirX

<h4><strong>Crypto losses continue to remain a major concern for both exchanges and users. Recent data shows that scams and hacks surged by over 21% in crypto. </strong><strong>Analysts claim that cybercriminals focused on centralized services and private key vulnerabilities in 2024.&nbsp;</strong></h4> 
<p>A Chainalysis <a href="https://www.chainalysis.com/blog/crypto-hacking-stolen-funds-2025/" target="_blank" rel="noopener">report</a> places losses from crypto hacks and scams at over $2 billion, from over 300 incidents. This figure was a decent increase from the 282 cases recorded in the previous year.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">The first preview chapter for our 2025 Crypto Crime Report is for stolen funds. We look at crypto hacking trends in 2024, the DPRK’s activities, and more: <a href="https://t.co/1cu8druW84">https://t.co/1cu8druW84</a></p> 
 <p>— Chainalysis (@chainalysis) <a href="https://twitter.com/chainalysis/status/1869730162100875329?ref_src=twsrc%5Etfw">December 19, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h5><strong>Centralized Services Under Siege</strong></h5> 
<p>Centralized platforms have often been thought of as adequately secure. However, most of these platforms <a href="https://www.altcoinbuzz.io/cryptocurrency-news/crypto-phishing-scams-stole-46m-in-september/" target="_blank" rel="noopener">succumbed to attacks</a> from cybercriminals who made them a prime target. Security reports claim that attacks on centralized platforms skyrocketed by nearly 1,000% year-over-year.</p> 
<p><img decoding="async" class="alignnone size-full wp-image-158224" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/12/Chainalsis-crypto-hacks.jpeg" alt="" width="748" height="454" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/12/Chainalsis-crypto-hacks.jpeg 748w, https://www.altcoinbuzz.io/wp-content/uploads/2024/12/Chainalsis-crypto-hacks-300x182.jpeg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/12/Chainalsis-crypto-hacks-692x420.jpeg 692w, https://www.altcoinbuzz.io/wp-content/uploads/2024/12/Chainalsis-crypto-hacks-696x422.jpeg 696w" sizes="(max-width: 748px) 100vw, 748px"></p> 
<p>Some notable events in 2024 include the attack on Japan’s DMM exchange in May, which wiped off over $300 million. An attack on India’s WazirX exchange ranked among the highest of the year. Interestingly, South Korean platform PlayDapp wasn’t spared, suffering a $290 million loss in February due to a private key leak.</p> 
<p>Jean Rausis, a cybersecurity expert, highlighted this trend, stating, “Centralized entities became far more prominent targets in 2024.” Furthermore, private key compromises were responsible for 43.8% of stolen crypto. These figures reflect the growing need for stronger security measures.</p> 
<h5><strong>Did AI help?</strong></h5> 
<p>Reports claim that the rise of artificial intelligence (AI) in cybercrime made matters worse for platforms. Experts note that AI-driven phishing schemes, social engineering attacks, and <a href="https://www.altcoinbuzz.io/?s=malware" target="_blank" rel="noopener">malware</a> became rampant in 2024. These enabled attackers to exploit vulnerabilities in most platforms.</p> 
<p><img decoding="async" class="alignnone size-full wp-image-158225" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/12/major-crypto-hacks.jpeg" alt="" width="1056" height="1632" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/12/major-crypto-hacks.jpeg 1056w, https://www.altcoinbuzz.io/wp-content/uploads/2024/12/major-crypto-hacks-194x300.jpeg 194w, https://www.altcoinbuzz.io/wp-content/uploads/2024/12/major-crypto-hacks-663x1024.jpeg 663w, https://www.altcoinbuzz.io/wp-content/uploads/2024/12/major-crypto-hacks-768x1187.jpeg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/12/major-crypto-hacks-994x1536.jpeg 994w, https://www.altcoinbuzz.io/wp-content/uploads/2024/12/major-crypto-hacks-272x420.jpeg 272w, https://www.altcoinbuzz.io/wp-content/uploads/2024/12/major-crypto-hacks-696x1076.jpeg 696w" sizes="(max-width: 1056px) 100vw, 1056px"></p> 
<h5><strong>Key Takeaways from 2024</strong></h5> 
<p>Despite the alarming numbers, 2024 offered important lessons for crypto security. Security experts highlight that both individuals and institutions need to observe security measures. Popular practices like multifactor authentication and self-custody of assets remain important in keeping funds safe.</p> 
<p>Interestingly, reports state that cold storage gained renewed attention in 2024, even as debates around custodial solutions by banks continued. With the new year coming up, <a href="https://www.altcoinbuzz.io/?s=security" target="_blank" rel="noopener">crypto security</a> measures must evolve to outpace the growing threats. Protocols must embrace higher security standards to keep users safe.</p> 
<p>While the market is set for huge growth in 2025, staying steps ahead of attackers will play a huge role in moving the industry forward.</p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/2024-crypto-thefts-surge-ai-risks-loom-for-2025/">2024 Crypto Thefts Surge, AI Risks Loom for 2025</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

2024 Crypto Thefts Surge, AI Risks Loom for 2025

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