CoinDesk Podcast Network MARKETS DAILY: Crypto Update | Crypto Lost $1.49B to Hacks in 2024: Securing Your Stack in 3 Steps
Jan 8, 2025
Mitchell Amador, Founder and CEO of ImmuneFi, dives into the surprising $1.49 billion loss to crypto hacks in 2024, suggesting this may signal a maturing industry. He shares invaluable security tips, advocating for cold wallets and strong password hygiene to secure your assets. The conversation also highlights the clash of AI and crypto—discussing both advancements in threat detection and the new vulnerabilities they introduce. With a robust security outlook for 2025, Amador emphasizes that vigilance is essential.
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Transcript
Episode notes
Lower Hacks, Higher TVL
- Crypto hacks decreased 17% in 2024, totaling $1.4B in losses, despite DeFi TVL increasing.
- This suggests improved security effectiveness, though losses remain substantial.
CeFi as a Target
- Centralized exchanges (CeFi) were the primary targets of the largest hacks in 2024, like DMM and WazirX.
- DeFi security improved significantly, shifting focus towards CeFi vulnerabilities.
Crypto Security Tips
- Prioritize securing your crypto assets by considering potential risks.
- Use cold wallets for most funds, hot wallets for transactions, and risk-on wallets for speculation.