Massive Losses Hit Cryptocurrency Sector in First Half of the Year
2025-07-01 10:19:21
Main Idea
The cryptocurrency sector experienced significant financial losses exceeding $2.2 billion in the first half of 2024, primarily due to wallet hacks, phishing scams, and smart contract vulnerabilities.
Key Points
1. 344 blockchain incidents were reported between January and June 2024, with the majority of losses coming from 34 wallet hacks.
2. $1.7 billion of the stolen funds were due to breaches of wallet security, while $410 million was lost to 132 different phishing scams.
3. In May, the Cetus Protocol suffered a $225 million loss due to a smart contract flaw, with Sui validators recovering $162 million.
4. Losses from smart contract vulnerabilities alone surged to $229 million in May, up from $5 million the previous month.
5. Approximately $187 million was recovered from various attacks, highlighting the increasing complexity and violence associated with such incidents.
Description
The cryptocurrency sector faced significant losses of over $2.2 billion this year. The majority of losses were due to wallet security breaches and phishing scams. Continue Reading: Massive Losses Hit Cryptocurrency Sector in First Half of the Year The post Massive Losses Hit Cryptocurrency Sector in First Half of the Year appeared first on COINTURK NEWS .
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