The crypto industry is raving about the security of crypto.
Though some platforms are STILL dealing with the onslaught of digital hackers, the core of the crypto market has become relatively safe. Since at least January of 2024, the estimates suggest that crypto theft has lowered by roughly 54.3% compared to last year.
For the month-to-month average, which is comparing April to March 2024, the $90 million lost in April was pale compared to the $187 million that March lost. Things are getting better in 2024.
The Security of Crypto In DeFi
Out of those targeted in the crypto industry, the DeFi sector receives the biggest threats. The attraction to this sector could be due to both financial and political reasons. Most of the money in crypto is invested in the financial use of it. However, hackers aren’t solely motivated by finance. They are also politically motivated and want to, at times, defy progress.
As for the overall amounts taken from DeFi, they’re getting smaller, but the agencies most exposed are the smaller ones. These are names you wouldn’t recognize if pulled out of a hat:
- Pike Finance
- Grand Base
- FixedFloat
Though the data does show positive news for the crypto industry as a whole, those affected the most by theft are startups and smaller agencies with no connections.
The most targeted crypto sectors in history include:
- EVM-Based Chains—Yes, the Ethereum Virtual Machine, which powers blockchain features, has been involved with the most vulnerable crypto transactions. This sector of the Ethereum blockchain isn’t entirely exposed but is more vulnerable because it operates “side features,” creating a few loopholes in the coding and its processes.
- Solana—This blockchain isn’t, itself, weak or insecure. The thefts that have occurred through it come from targeted wallets that are linked to Solana. The blockchain itself has remained intact, but its vulnerabilities come from mobile apps used to store crypto.
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The Frequency and Biggest Threats
Keeping to the positive advances in all of this, the total number of theft attempts have risen though the number of successful hacks have decreased. The total attempts in 2022 were 219 compared to the 231 attempts that occurred in 2023.
– Who’s the Biggest Threat?
North Korean hackers, be they independent or government funded, make up the larger share of known hackers in the crypto market. Some reports suggest that North Korea funds its nuclear programs with stolen crypto. No one can say for sure, but the latter seems likely to some.
Those who want to keep their crypto safe have two options. Consider getting a protected cold-storage wallet from Ledger. Your second option is using a reliable exchange like Coinbase.
Even with the incredible traffic that Binance gets, reviewers agree that Coinbase is just safer.
