Cyvers has shared crucial statistical data regarding the security landscape of the crypto industry. This includes a significant increase in losses totaling approximately $2.3 billion, which is double the amount from the previous year at $1.6 billion.
The report from Cyvers also highlights key insights, specifically that the leading cause of security incidents stems from access control vulnerabilities, accounting for 81% of all reported incidents. Additionally, vulnerabilities in smart contracts make up the remaining 19% of incidents.
The company stresses the growing threat of cyber attacks in the Web3 space, which has unfortunately resulted in higher losses in 2024. While it is still below the record losses of $3.7 billion in 2022, the current losses of $2.3 billion have doubled compared to the $1.6 billion in 2023.
Further analysis reveals that the $2.3 billion loss in 2024 was due to 165 incidents, with the majority occurring in centralized exchanges (CEXs) and crypto custodians, highlighting the vulnerable access control systems in these platforms.
