According to a mid-year Web3 security report by cyber security firm Cyvers, the total amount of cryptocurrency funds stolen so far this year has approached $1.40 billion as centralized exchanges become the new flashpoint for attacks. Total cryptocurrency losses exceeded $600 million in the second quarter of 2024, a 100 percent increase from the same period last year. The report said the main reason for the surge in stolen funds was a 900 percent increase in losses on centralized exchanges.