A new report from Immunefi has built upon previous reports when it comes to the role and use of Centralized Exchanges or CEXs. In their Q2 2024, they reported that CEXs were responsible for 70% of the successful crypto hacks while DeFi only accounted for 30%. During Q2 the two largest victims were Japanese crypto exchange DMM Bitcoin and Turkish exchange BtcTurk who lost $305 million and $55 million respectively. The downtime before another huge exploit didn't take long as roughly a month ago Indian crypto exchange WazirX lost $230 making it the second biggest hack of the year. Why are CEXs vulnerable to these issues? Plain and simple it breaks down to their infrastructure and who has access to what creating the possibility for a ton of cracks to emerge and be exploited. In their newest report, a total of $1.19 billion worth of digital assets have been stolen in 2024 with CEX accounting for $636 million. Do we ever hear about this though or see it discussed with regulators? No, because they refuse to admit that the centralized way in any way shape or form is not the best. They do not want people to realize how these companies have vulnerabilities and that DeFi is a great improvement over the system we have now. Sources Q2 Report Latest Report
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