Access Control Vulnerabilities Cause $1.7B in Losses Across CeFi, DeFi, and Gaming

World Crypto Global

Crypto News

Top News By Agency By Country By Publication Time The Most Read Stories Most Viewed Agencies All News Access Control Vulnerabilities Cause $1.7B in Losses Across CeFi, DeFi, and Gaming © Copyright Image: CryptoPotato

Access control vulnerabilities have emerged as the leading cause of crypto hack losses in 2024, accounting for a whopping 75% of total damages across decentralized finance (DeFi), centralized finance (CeFi), and gaming/metaverse sectors, excluding phishing attacks.

According to Hacken, this marks a significant increase from 50% in 2023, with losses tied to unauthorized access and private key theft surging to $1.7 billion, up from less than $1 billion the previous year. In contrast, exploits targeting smart contract vulnerabilities contributed just 14% of total losses.

Access Control Exploits Surge in 2024

Hackens report revealed that access control attacks were particularly pervasive across all categories of Web3 in 2024, with CeFi, DeFi, and gaming/metaverse projects being severely impacted. In CeFi, major incidents at DMM Exchange and WazirX resulted in combined losses exceeding $500 million. The DeFi sector also suffered from compromised smart contract management, as seen in the Radiant Capital hack, which caused $55 million in losses.

The gaming/metaverse space faced significant damage too, exemplified by the $290 million PlayDapp exploit. At the core of these attacks was private key compromise, stemming from weak key management practices, social engineering, and insecure backup methods.

To safeguard against these threats, Hacken outlined that businesses must implement advanced multisig management, automated incident response, and adhere to the Cryptocurrency Security Standard (CCSS) to ensure stronger private key security and reduce operational vulnerabilities across Web3.

DeFi Losses Drop But Gaming and Metaverse Still Struggling

The DeFi sector saw a notable reduction in total losses in 2024 compared to the previous year. While DeFi-related losses in 2023 climbed $787 million, the 2024 figure saw a 40% reduction which can largely be attributed to improved security measures across the sector, most notably within decentralized bridges.

In 2024, DeFi witnessed the improvement of cross-chain operability, which played a crucial role in mitigating bridge exploits. As bridges have historically been top targets for hackers, the reduction in losses $338 million in 2023 compared to just $114 million in 2024 demonstrated the growing effectiveness of new security protocols.

The report pointed to tools like Multi-Party Computation (MPC) and Zero-Knowledge (ZK) cryptography which have become essential for bridge developers, improving security and making attacks less impactful. These advancements have significantly reduced the frequency and severity of exploits targeting cross-chain bridges.

The same cant be said for the gaming and metaverse sectors experienced significant losses. In 2024, this cohort of Web 3 recorded $389 million in losses which accounted for nearly 20% of all crypto hacks. A large portion of these losses stemmed from access control vulnerabilities.

Three major incidents were responsible for $358 million of the total losses which made up more than 80% of the gaming and metaverse hacks for the year. The concentration of these losses in Q1 emphasized the difficulty these projects face in securing access management, particularly on newer platforms like Blast, which also encountered multiple rug pulls.

Read more: https://cryptopotato.com/access-control-vulnerabilities-cause-1-7b-in-losses-across-cefi-defi-and-gaming/

Text source: CryptoPotato

AA News Crypto News DeFi Hacks Metaverse Written by Chayanika Deka On Sun, 29 Dec 2024 Disclaimer: Financial information and news are not financial advice, read the disclaimer. Buy & sell Crypto in minutes

Join BINANCE!

The world's largest crypto exchange

The 7 Most Read Stories Best NFT Airdrops and Giveaways for October 2022 These Are The Bitcoin Predictions For 2023 By Arcane... Lightning Labs Announces Cheaper Way To Send Money W... Potential Loss of $50K in Plea Deal for Suspected Ha... Best Bitcoin Wallets Tom Brady, Gisele Bundchen And Sam Bankman-Fried Sue... The new $10 billion protocol: Bitcoin builder explai... View All Most Viewed Agencies InsideBitcoins.com BitcoinChaser Blockonomi

The most complete Crypto News Center.

Search Stories:

Latest top stories

New York City Mayor Eric Adams Introduces Exciting Crypto Advisory Council

Crypto News: Adams: Advisory: Bitcoin News: Breaking News: City: council: crypto: Crypto Breaking: Crypto Breaking News: crypto news: Eric: Exciting: Introduces: Mayor: York:

By Crypto Breaking... On Wed, 21 May 2025 Unicoin and Executives Facing SEC Charges for Alleged $100 Million Fraud A Closer Look

Crypto News: Alleged: Bitcoin News: Breaking News: Charges: Closer: Crypto Breaking: Crypto Breaking News: crypto news: Executives: Facing: Fraud: Million: SEC: Unicoin:

By Crypto Breaking... On Wed, 21 May 2025 5 Bullish and 2 Bearish Indicators for Bitcoin as BTC Price Approaches ATH Levels

BTCEUR: BTCGBP: BTCUSD: BTCUSDT: Crypto News: featured1: Bitcoin (BTC) Price: Bitcoin Bull Run:

By CryptoPotato On Tue, 20 May 2025 Anza, a Solana Labs offshoot, proposes the most significant change to network consensus

Crypto News: Solana: Anza: Bitcoin News: Breaking News: Change: Consensus: Crypto Breaking: Crypto Breaking News: crypto news: Labs: network: offshoot: Proposes: Significant:

By Crypto Breaking... On Tue, 20 May 2025 Cardano (ADA) Exploded to New ATH the Last Time This Happened: Details

ADABTC: ADAUSD: Crypto Bits: Crypto News: Cardano (ADA) Price:

By CryptoPotato On Tue, 20 May 2025 Ripple Price Analysis: XRP Seems Ready to Break Out of Consolidation Phase

Crypto News: XRP Analysis: XRPBTC: XRPUSD: Ripple (XRP) Price:

By CryptoPotato On Tue, 20 May 2025 Ethereum Price Analysis: ETH Testing Crucial Resistance Line, Is $3K Next?

Crypto News: ETH Analysis: ETHBTC: ETHUSD:

By CryptoPotato On Tue, 20 May 2025 Can Dogecoin Price Reach $0.7 Again? What The Volume Trend Says

Dogecoin: doge: DOGE news: Doge price: Dogecoin news: dogecoin price: dogeusd: dogeusdt:

By NewsBTC On Tue, 20 May 2025 BingX AI Evolution Begins: A $300M Vision to Build the Future of AI-Powered Crypto

More News:

By Crypto Daily On Tue, 20 May 2025 PEPE Eyes Bull Flag Breakout as Open Interest Rebounds to $527M, Near All-Time High

Analysis: Latest Pepe Coin News:

By The Crypto Basic On Tue, 20 May 2025 Solana (SOL) Weekly Review: Key Support Holds, But Volume Drops Raise Caution Flags

News: Altcoin News: SOL price: SOL price forecast 2025: SOL Price News: SOL/USD: Solana ATH: Solana Bullish Breakout: Solana News: Solana price: Solana Price News: Solana Price Prediction: Solana SOL price:

By TronWeekly On Tue, 20 May 2025 Solana Eyes $215 Amid Record 11.16M Wallets Holding SOL

Analysis: Latest Solana (SOL) News Today: SOL:

By The Crypto Basic On Tue, 20 May 2025 Bitcoin Open Interest Surges to All-Time High as Bulls Rally Towards New Price Highs

Bitcoin: Crypto News: AllTime: Bitcoin News: Breaking News: bulls: Crypto Breaking: Crypto Breaking News: crypto news: High: Highs: Interest: Open: Price: rally: Surges:

By Crypto Breaking... On Tue, 20 May 2025 Maelstrom awards $100K grant to Bitcoin privacy tool Payjoin

Bitcoin: Crypto News: $100k: Awards: Bitcoin News: Breaking News: Crypto Breaking: Crypto Breaking News: crypto news: Grant: Maelstrom: Payjoin: Privacy: tool:

By Crypto Breaking... On Tue, 20 May 2025 XRP Ledger Q1 Update: RLUSD Surges, Hidden Road Acquisition Signals Institutional Pivot

Altcoins:

By Coindoo On Tue, 20 May 2025 BlockDAG Sets Price at $0.0020 Until June 13 as 2,520% BDAG Growth & 20 Upcoming Exchange Listings Drive Demand

Crypto News:

By Coindoo On Tue, 20 May 2025 Imrat Group Gains Priority Access to New Product: Bybit Launches Direct Stock Trading via Tether Stablecoin

More News:

By Crypto Daily On Tue, 20 May 2025 UnitedHealth (UNH) Share Price Rebounds

By Market Pulse On Tue, 20 May 2025 Kraken Expands Regulated Crypto Derivatives Across Europe

News: Bitstamp: Coinbase: Crypto: Deribit: Gemini: Kraken: NinjaTrader:

By TronWeekly On Tue, 20 May 2025 Robinhood calls on SEC to establish unified regulatory framework for tokenized RWAs

Crypto: Featured: Regulation: RWA: TradFi:

By CryptoSlate On Tue, 20 May 2025 Range-Bound Ethereum Sees Volatility High Timeframe Levels Hold The Key

Ethereum: ETH: ethereum: Ethereum Analysis: ethereum news: ethereum price: Ethereum Price action: Ethereum volatility: ETHUSDT:

By NewsBTC On Tue, 20 May 2025 Justin Sun Tops $TRUMP Token List, Secures Trump Dinner Invite

Altcoins:

By Coindoo On Tue, 20 May 2025 SUN Retains Second Spot in Trons TVL Rankings, Close Behind JustLend

AA News: Crypto News: Tron:

By CryptoPotato On Tue, 20 May 2025 Heres How Much Your $1,000 In Shiba Inu And FloppyPepe Will Be Worth If The Price Hits $0.2

Crypto News:

By Coindoo On Tue, 20 May 2025 New AI Bank: Sean Neville, Co-founder of Circle, Raises $18 Million

News: Industry: AI bank: AI economy: Artificial Intelligence: Catena Labs: Circle: financial technology: Fintech: Sean Neville: Stablecoins: USDC:

By TronWeekly On Tue, 20 May 2025 Bitcoin hits $107K as market holds below ATH in bullish consolidation

Analysis: Crypto: Featured: Price Watch:

By CryptoSlate On Tue, 20 May 2025 Why Is Qubetics Being Viewed as the Top Crypto to Invest in for Short Term While Ethereum Dips and Pi Holds Steady

Crypto News:

By Coindoo On Tue, 20 May 2025 Justin Sun set to join memecoin backers at Trumps exclusive dinner event

Crypto News: backers: Bitcoin News: Breaking News: Crypto Breaking: Crypto Breaking News: crypto news: Dinner: Event: Exclusive: Join: Justin: memecoin: Set: SUN: Trumps:

By Crypto Breaking... On Tue, 20 May 2025 XRP Market Prediction Targets $12, Uniswap Reaches $3T Volume, But Unstakeds $1M Giveaway & 600x Setup Steal the Spotlight

Crypto News:

By Coindoo On Tue, 20 May 2025 VeChain Grows, Ondo Builds Charts; But Web3 ais $4.3M Presale & AI Trading Tools Spark Momentum

Crypto News:

By Coindoo On Tue, 20 May 2025 XRP Price Will Still Rally From Here, Crypto Veteran Raoul Pal Forecasts

XRP: ADA: Ali Martinez: altcoin: CasiTrades: CoinMarketCap: Dark Defender: Raoul Pal: Spot XRP ETFs: xrp: xrp news: XRP Price: XRPUSD: xrpusdt: YouTube:

By NewsBTC On Tue, 20 May 2025 Uncovering the $330 million theft without hacking: Unveiling the sinister impact of social engineering

Crypto News: Bitcoin News: Breaking News: Crypto Breaking: Crypto Breaking News: crypto news: Engineering: Hacking: Impact: Million: sinister: Social: Theft: Uncovering: unveiling:

By Crypto Breaking... On Tue, 20 May 2025 Ethereum Price Targets Recovery To $3,000 But FPPE, TON, And PEPE Might Offer 1000x Multipliers Before June

News: Press Release:

By TronWeekly On Tue, 20 May 2025 LBank Labs Sponsors Bitcoin 2025, Reinforcing Commitment to Compliant Blockchain Advancement

More News:

By Crypto Daily On Tue, 20 May 2025 BTFD Coin Stuns as the Best Meme Coin Presale to Buy Now With 75B Tokens SoldFartcoin and PENGU Heat Up the Scene

Crypto News:

By Coindoo On Tue, 20 May 2025 ETF Flows Emerging as a Key Indicator for Bitcoin Market Tops and Bottoms

Bitcoin:

By Coindoo On Tue, 20 May 2025 SEC delays decisions on XRP and Dogecoin ETFs

Regulation:

By Crypto Briefing On Tue, 20 May 2025 AAVE Price Just Broke Out: How High Can It Go?

Aave:

By Cryptoticker On Tue, 20 May 2025 Key Support at $0.28 May Influence Stellar (XLM) Price: Analyst

News: Altcoin News: Market Analysis: crypto analysis: Market Trends: price prediction: Price Support: signals: Stellar lumens: Technical Indicators: Trading:

By TronWeekly On Tue, 20 May 2025 Jamie Dimon Says JPMorgan Will Let Clients Buy Bitcoin But Still Trashes It

Breaking Crypto News: Bitcoin: Crypto: Market News:

By InsideBitcoins.com On Tue, 20 May 2025 US Bitcoin edge could power next era of American prosperity River

Adoption: Analysis: Crypto: ETF: Featured:

By CryptoSlate On Tue, 20 May 2025 Bitcoin Reaches $107,000 Briefly What Could Be Next?

Bitcoin:

By Coindoo On Tue, 20 May 2025 Bitcoin ETF Inflows Surge as Basis Trade Nears 9%, Signaling Renewed Demand

Blockchain:

By CurrencyCrypt On Tue, 20 May 2025 BTC and ETH Supply on Exchanges Hit Multi-Year Low: What Does This Mean?

AA News: BTCEUR: BTCGBP: BTCUSD: BTCUSDT: Crypto News: ETHBTC: ETHUSD: Bitcoin (BTC) Price: Ethereum (ETH) Price:

By CryptoPotato On Tue, 20 May 2025 How $330M was stolen without hacking: The dark power of social engineering

Blockchain:

By CurrencyCrypt On Tue, 20 May 2025 BingX Announces Its $300M BingX AI Evolution to Build the Future of AI-Powered Crypto

Press Releases: Sponsored: Press Release:

By ZyCrypto On Tue, 20 May 2025 Genesis files dual lawsuits to claw back $3.3B from DCG, Barry Silbert

Blockchain:

By CurrencyCrypt On Tue, 20 May 2025 Katherine Reilly Named Acting SEC Inspector General Amid Crypto Scrutiny

Regulations:

By Coindoo On Tue, 20 May 2025 Best Crypto for 2025: 5 Coins With Strong Growth Potential

Crypto News:

By Coindoo On Tue, 20 May 2025 Chainlink In Rally Mode: Rising Channel Formation Signals Continued Climb

Chainlink: chainlink: Chainlink price: Descending Channel Pattern: Link: link price: LINKUSD: linkusdt: MACD: Moving average convergence divergence: Relative Strength Index: Rising Channel Pattern: RSI: Thomas Anderson: Whales_Crypto_Trading:

By NewsBTC On Tue, 20 May 2025 Support Contact Us Sitemap Information About Us Privacy Policy Terms of Use Cookies Disclaimer

Welcome at World Crypto Global. This portal is packed with useful content and resources to built out your own crypto skills. WCG is a site member of ITeGAMAX's online services.

The information provided by World Crypto Global on this Site is for general informational purposes only. All information on this Site is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information on this Site.

UNDER NO CIRCUMSTANCE SHALL WE HAVE ANY LIABILITY TO YOU FOR ANY LOSS OR DAMAGE OF ANY KIND INCURRED AS A RESULT OF THE USE OF THE SITE OR RELIANCE ON ANY INFORMATION PROVIDED ON THE SITE. YOUR USE OF THE SITE AND YOUR RELIANCE ON ANY INFORMATION ON THE SITE IS SOLELY AT YOUR OWN RISK.

Use of this site is subject to our Terms and Conditions, Disclaimer, and Privacy Policy.

Cookies Consent.

WE AND OUR PARTNERS USE COOKIES ON THIS SITE TO IMPROVE OUR SERVICE, PERFORM ANALYTICS, PERSONALIZE ADVERTISING, MEASURE ADVERTISING PERFORMANCE, AND REMEMBER WEBSITE PREFERENCES.

By using this website, you automatically accept that we use cookies.

To learn more about use of cookies see our Privacy Policy. Learn More.