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As 2024 gradually wraps up, the web3 security firm Cyvers has released a Security, Fraud, and Compliance Report for the year, detailing how much impact cybercriminals and their operations had on the crypto industry. According to an executive summary shared with CryptoPotato , in 2024, the crypto industry lost over $2.361 billion to cyber threats across 165 incidents. This figure represents a 40% increase from 2023, when losses totaled $1.69 billion. Access Control Incidents Lead to More Losses Cyvers noted that access control incidents accounted for 81% of losses in 2024 despite comprising 41.6% of incidents. This type of attack led to the theft of $1.9 billion across 67 incidents, while code vulnerabilities enabled the loss of roughly $456.3 million across 98 incidents. Meanwhile, address poisoning scams were fewer, and one incident accounted for the loss of $68.7 million. Although the fraud trends in 2024 marked a 40% increase in losses year-over-year, they are still 37% below the 2022 record of $3.78 billion. This year, Ethereum emerged as the network most affected by the attacks, with more than $1.2 billion in losses. Analyzing quarterly highlights, Cyvers found that smart contract vulnerabilities dominated most incidents in Q1 2024. The third quarter saw the highest losses, amounting to $790 million, while Q4 recorded the lowest activity and losses, with a 56% decline when compared to the same quarter in 2023. Notably, Q3 was dominant in both 2023 and 2024. The Most Notable Theft Incidents The $305 million hack against the Japanese cryptocurrency exchange DMM Bitcoin was one of the largest incidents in 2024, followed by the $235 million hack against the Indian crypto exchange WazirX. The decentralized finance (DeFi) project Radiant Capital lost $50 million to cybercriminals after its devices were compromised. The Singaporean crypto exchange BingX was also exploited for $52 million in digital assets. Interestingly, 2024 saw a remarkable recovery rate, with more than $1.3 billion returned to affected projects, which was partially attributed to bug bounty programs. Next year, the industry could see a rise in new cyber threat trends like quantum and artificial intelligence attacks as these technologies continue to advance. There could also be more centralized finance (CeFi) targeting cases as CeFi entities remain vulnerable to heightened risks. Additionally, pig butchering scams also pose a growing threat as they accounted for $3.6 billion in victim funds across over 150,000 addresses and 800,000 transactions in 2024. The post Crypto Industry Lost $2.3B to Cyber Threats in 2024: Cyvers Report appeared first on CryptoPotato .
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XRP Battles Critical $2.20 Support Level — Will It Target $2.70 Or Slip To $1.96?
XRP has been trading in a decline over the past few days alongside the broader cryptocurrency market. However, despite this lull, the XRP price has managed to maintain its critical support levels and is currently positioning itself for a potential recovery. Related Reading: Ethereum Investment: Trump Crypto Project Grabs 722 ETH At $2.5 Million Interestingly, technical analysis highlights the $2.20 mark as a key level to watch for XRP going forward. This was noted in an analysis by popular crypto analyst Ali Martinez, who emphasized that XRP’s next major move could hinge on its outcome on this threshold. Key Levels To Watch: $2.20 Support And $2.70 Resistance The cryptocurrency market has faced significant selling pressure since December 17 led by Bitcoin’s break below support levels, leading to notable price corrections across various cryptocurrencies. XRP, in particular, saw its price fall from $2.708 on December 17 to bottom at $1.98 on December 20. This represented a 27% in three days. After it reached $1.98, the XRP price rebounded and regained the $2 price level. As it stands, XRP is now trading around $2.2, although it is still down by 7% in the weekly timeframe. XRP’s movement around the $2.2 price level has captured the attention of crypto analyst Ali Martinez, who suggested two ways the cryptocurrency can go from here. According to Ali Martinez, XRP’s ability to hold above the $2.20 support is crucial for its short-term bullish outlook. If this level remains intact, the token might enter a consolidation phase, but another attempt at the $2.70 resistance remains in play. From here, a strong bullish momentum above $2.7 could as well send the cryptocurrency above $3 for the first time in years. On the other hand, a break below $2.20 could trigger another quick XRP price decline toward $1.96 before it starts to attract fresh buying interest. Image From X: ali_charts Whale Accumulation Up Amid Crypto Market Correction On-chain data from Santiment suggests that XRP has captured the interest of whales during this recent downturn. Wallets holding between 1 million and 10 million XRP coins have accumulated an additional 80 million XRP since December 17, which points to strong confidence in the token’s long-term potential among whale addresses. This accumulation could provide a cushion against further declines below the $2 mark and set the stage for an eventual recovery. Related Reading: Dogecoin Dives: $29 Million Disappears During Market Collapse —Data Adding to the bullish outlook, technical analysis of the XRP price using Elliot impulse waves suggests that the recent crash below $2 might be the end of the second impluse wave, which is a corrective wave. With this in mind, bullish impulse wave 3 is expected to start anytime soon. At the time of writing, XRP is trading at $2.27. Featured image from Tech Xplore, chart from TradingView Crypto Potato
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