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A critical flaw in Uniswap's Web3 wallet allows attackers to extract the mnemonic phrase within three minutes on unlocked devices, raising alarms about security in the DeFi sector. Despite a reported $2.3 billion in cryptocurrency losses from exploits in 2024, December saw a 71% drop in such incidents, indicating progress in security measures. The crypto community is now awaiting a timely patch from Uniswap to restore trust.
ScaleBit has identified a serious vulnerability in Uniswap's Web3 wallets that could allow attackers with physical access to bypass authentication and access the wallet's mnemonic phrase, potentially compromising all stored assets. Users are advised to refrain from lending devices until a fix is implemented. In related news, cryptocurrency losses from cybersecurity exploits surged 40% in 2024, totaling approximately $2.3 billion, with a notable increase in access control breaches.
In December 2024, losses from crypto hacks, scams, and exploits fell to $28.6 million, the lowest monthly total for the year, according to CertiK. The most notable incidents included a $2.1 million exploit of the DeFi platform GemPad and a $1 million hack of the FEG token bridge. Overall, 2024 saw $2.3 billion stolen across 165 incidents, a 40% increase from 2023, attributed mainly to breaches in centralized exchanges and custodians.
In 2024, cryptocurrency hackers stole over $2.3 billion across 165 incidents, marking a 40% increase from the previous year, primarily due to access control breaches. These vulnerabilities accounted for $1.9 billion, while smart contract exploits and address poisoning scams followed. Experts urge the industry to enhance security practices to mitigate future risks, especially as North Korean hackers may target Bitcoin ETFs in 2025.
Deddy Lavid
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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