Crypto hacks and frauds resulted in over $2.3 billion in losses this year, a 40% increase in incidents compared to the previous year. Access control vulnerabilities were the primary driver, accounting for 81% of stolen funds, with Ethereum being the most affected blockchain, losing over $1.2 billion. "Pig Butchering" scams also swindled over $3.6 billion from users. Smart contract vulnerabilities, particularly in DeFi, were prominent, with the third quarter of 2024 seeing the highest losses at $790 million. Notable hacks included WazirX losing $234.9 million, Radiant Capital losing over $50 million, and DMM Bitcoin losing approximately 4,502.9 Bitcoin. Centralized financial platforms (CeFi) face significant risks due to single points of failure and inadequate key management. Emerging technologies like quantum computing and AI are expected to intensify threats, necessitating proactive security measures. The industry must prioritize advanced security solutions and real-time monitoring to address these ongoing threats effectively. #Crypto #Hacks #Fraud #Security #Ethereum #DeFi #CeFi #WazirX #RadiantCapital #DMMBitcoin #Cybersecurity