Crypto exchange Binance says the amount of digital assets lost to hacks this year is significantly lower than previous years’ figures.
In its Monthly Market Insights report, the world’s largest crypto exchange by trading volume said digital asset owners have lost about $1.3 billion to hacks so far this year.
“This year’s top hacks targeted centralized exchanges. May saw the biggest single-month loss of 2024, when DMM Bitcoin, a Japanese trading platform, suffered a $305 million hack, resulting in the loss of approximately 4,500 BTC. In July, WazirX, an Indian exchange, lost $235 million.”
But Binance emphasizes that the amount lost to crypto hacks has been declining since 2021.
“Despite the continued media frenzy surrounding cryptocurrency hacks, data from recent years indicates a downward trend in losses: $8.1 billion in 2021, $3.9 billion in 2022, $1.8 billion in 2023 and 1, $3 billion this year. by 2024.”
According to Binance, the significant decline in monetary losses due to hacks can be attributed to industry-wide efforts to improve security protocols.
“The industry is actively improving security measures to protect users’ assets. Investors should continue to prioritize the secure storage and management of their crypto assets, especially during periods of market buoyancy.”
You can read the full report here.
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