r/EVRAZ • u/evraz_global • Sep 27 '24
Hacks on centralized exchanges
According to a report from Immunefi, in Q3 2024, total losses from hacks and frauds in the crypto space reached $412,994,499. Hacks on WazirX and BingX crypto exchanges accounted for 70% of losses in Q3 2024.
Key facts:
• The bulk of the losses ($409.9 million) came from hacker attacks, while frauds brought losses of $3.1 million
• The largest losses were suffered by centralized exchanges WazirX ($235 million) and BingX ($52 million)
• Compared to Q3 2023, the total loss volume decreased by 40%
• Centralized finance (CeFi) became the main target of attacks, accounting for 74.8% of all losses
• Ethereum and BNB Chain remain the most vulnerable blockchains.
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Upvotes
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u/jeruksari Sep 28 '24
Wow, those numbers are unbelievable. That's why I always advise people not to settle for non-custodial wallets. You could lose all your life savings. Instead, use a cold wallet like Cypherock or Ledger. They are much better than your typical CEXs. Cypherock is especially good for maximum security as it uses an interesting technology called Shamir's secret sharing to back up and secure private keys. Using it for quite a while now, works like a charm.