June Sees Over 50% Decrease in Crypto Thefts: Are We Finally Winning the Security Battle?
Summary
June saw a 54.2% decrease in cryptocurrency losses from hacks compared to May, with about 20 hacking incidents resulting in nearly $176 million in losses. Despite the decline, the second quarter had a 70.3% increase in losses from the first quarter, amounting to approximately $572.68 million. The rise of deepfake threats in the crypto space has prompted exchanges to adopt advanced solutions like those offered by Sumsub to enhance security. Bitget, for example, has partnered with Sumsub to address the deepfake challenge, which saw a 217% increase in detections within the crypto sector from the first quarter of 2023 to the first quarter of 2024.
