DeFi hacks drop 40% in 2024, CeFi breaches surge to $694M: Hacken

December 24, 2024 Coin Telegraph

DeFi hacks drop 40% in 2024, CeFi breaches surge to 4M: Hacken

DeFi losses dropped 40% in 2024 as advanced security measures strengthened protocols, while CeFi breaches surged to $694M.

Decentralized finance (DeFi) security experienced 40% fewer financial losses in 2024 than in the previous year due to improved protocols, stronger bridges, and advanced cryptographic measures.

According to block security firm Hacken’s annual Web3 Security Report, DeFi’s strengthened security measures through 2024 arrived in tandem with centralized finance (CeFi) facing a bleak reflection of the year.

CeFi breaches more than doubled while losses surged to $694 million as centralized exchanges became primary targets for access control vulnerabilities and other critical security risks.

3 Crypto Titans—Blackrock, Grayscale, and Fidelity—Dominate 85% of US Bitcoin ETF Reserves

Fake Curve Finance app scams users, tops global finance charts

October 26, 2024 Coin Telegraph

Apple Store

A fake Curve Finance app has infiltrated Apple’s app store, gaining popularity despite warnings from the community.

A counterfeit application posing as the decentralized finance (DeFi) platform Curve Finance has gained traction in the Apple app store, ranking among the top 100 finance apps on Oct. 26.

Despite being flagged by multiple users as a scam, the app is trending in regions including Europe, Latin America, New Zealand, the United States and Southeast Asia, putting unsuspecting users at risk.

However, the app’s poorly crafted store description could still impact vulnerable users. It states: “Curve defi v3 is an amazing app. Arrange the blocks to make a perfect row and clear it!”

3 Crypto Titans—Blackrock, Grayscale, and Fidelity—Dominate 85% of US Bitcoin ETF Reserves

EigenLayer says $5.7M hack ‘isolated’ incident, no vulnerability on protocol

October 5, 2024 Coin Telegraph

EigenLayer says .7M hack ‘isolated’ incident, no vulnerability on protocol

$5.7M hack

EigenLayer said that some of the stolen funds have been frozen as part of ongoing recovery efforts.

Ethereum restaking protocol EigenLayer assured the community that its protocol has no vulnerabilities after an incident where almost $6 million in tokens were stolen from an investor.

On Oct. 4, the EigenLayer team said it was investigating an “unapproved selling activity” concerning a wallet ending in “f10D.” The wallet address sold about 1.6 million of EigenLayer’s EIGEN tokens, worth about $5.7 million.

Etherscan quickly marked the address as under investigation following EigenLayer’s announcement.

3 Crypto Titans—Blackrock, Grayscale, and Fidelity—Dominate 85% of US Bitcoin ETF Reserves

Curve CEO clears up UwU Lend hack, CRV burn misinformation

June 16, 2024 Coin Telegraph

bad debt repayment.

The Curve CEO clarifies misinformation about the UwU Lend hack and CRV token burn, outlining preventative measures and repayment of bad debt.

Michael Egorov, the founder and CEO of Curve Finance (CRV), has weighed in on the recent UwU Lend hack, explaining that the incident did not exploit Curve Finance itself.

In a Q&A with Cointelegraph, Egorov clarified that “this was not a Curve exploit. This was an exploit of a separate project [UwU Lend],” explaining:

Egorov highlighted measures to prevent future exploits, recommending that UwU Lend “re-verify all contracts and connect them to good security auditors” to hopefully recuperate losses.

DeFi security