Cryptocurrency exchange Binance announced that the amount of digital assets lost in hacking this year was significantly lower than in previous years.
The world’s largest cryptocurrency exchange by trading volume said in its monthly Market Insights report that digital asset owners have lost about $1.3 billion to hacks so far this year.
“The most significant hacks of the year targeted centralized exchanges. May saw the biggest single month loss of 2024, with Japanese trading platform DMM Bitcoin suffering a US$305 million hack loss. In July, Indian exchange WazirX suffered a loss of USD 235 million.
Source: Binance
However, Binance emphasizes that losses due to cryptocurrency hacking have been on the decline since 2021.
“Despite the continued media buzz surrounding crypto hacks, data from the past few years shows that losses are on the decline: $8.1 billion in 2021 and $3.9 billion in 2022. , $1.8 billion in 2023 and $1.3 billion year-to-date in 2024.
According to Binance, the significant reduction in funds lost due to hacking can be attributed to industry-wide efforts to improve security protocols.
“The industry is actively increasing security measures to protect users’ assets. Investors should continue to prioritize the safe storage and management of their crypto assets, especially during periods of market activity.” .”
You can read the full report here.
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