From Investing.com: 2024-04-03 07:40:02

The cryptocurrency sector experienced a surge in criminal activity, with $1.75 billion stolen in 283 cyber heists, marking a new high. This trend has worsened each year, with nearly 50 heists totaling close to half a billion dollars in the first three months of 2024.

Data from AltIndex.com shows a significant rise in crypto thefts in early 2024, nearing $430 million stolen. This spike is concerning when compared to previous years, with the first quarter of 2024 already representing one-third of total 2023 thefts.

A major cyber heist at PlayDapp resulted in the theft of PLA tokens worth $290 million, emphasizing the impact of successful attacks on the crypto market’s security and stability. Decentralized Finance (DeFi) protocols remain vulnerable, with 60% of heists targeting them, indicating flaws in smart contract codes exploited by thieves.

The increasing number of attacks on DeFi platforms underscores their appeal to scammers, with 28 incidents in the first quarter of 2024 alone. Vulnerabilities in smart contracts have allowed thieves to steal funds, with January seeing 12 attacks on DeFi protocols, followed by eight attacks in February and March.

Read more at Investing.com: Crypto heists on pace for record year with half a billion stolen By Investing.com