TechFlow reports that on December 25, Hacken's annual Web3 security report revealed DeFi security incident losses declined by 40% year-on-year in 2024, dropping from $787 million to $474 million, thanks to protocol improvements, strengthened cross-chain bridges, and cryptographic upgrades. Losses from cross-chain bridge-related vulnerabilities fell from $338 million in 2023 to $114 million.
In stark contrast, CeFi security incident losses doubled year-on-year to $694 million. The DMM exchange and WazirX suffered losses of $305 million and $230 million respectively due to private key leaks and multi-signature vulnerabilities. Hacken CEO Budorin stated that operational security in CeFi has serious flaws and urgently requires enhanced private key management and automated monitoring.
