Centralized Finance Faces Major Cybersecurity Threats in 2024

In 2024, centralized finance (CeFi) platforms are emerging as the primary targets for cryptocurrency hacks.

According to Deddy Lavid, CEO of Cyvers, CeFi entities are responsible for over 70% of the stolen funds in recent cyber attacks.

Lavid explained that these platforms are involved in a significant majority of hacking incidents this year. While attacks on smart contracts are also on the rise, CeFi remains the most vulnerable sector.

To combat these threats, Cyvers has teamed up with Arthera Chain to advance Web3 security, focusing on real-time threat detection and comprehensive monitoring.

READ MORE:

Solana-Based Protocol Announces a Major Security Breach

Recent high-profile breaches, such as the $230 million theft from WazirX, highlight the urgent need for improved security measures.

With hackers reportedly stealing $542.7 million in digital assets during the first quarter of 2024—an increase of 42% from the previous year—there’s a clear push for more robust defenses.

Lavid stresses the importance of a holistic security approach, which includes safeguarding entire networks and addressing both technical and human factors. Despite progress in smart contract security, private key leaks remain a major issue, accounting for over 55% of stolen assets in 2023.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.