A new blockchain security solution may prevent over 99% of cryptocurrency hacks and scams, which caused losses exceeding $2.3 billion in 2024. According to Cyvers, an emerging security measure utilizes offchain transaction validation to simulate and verify blockchain transactions before they occur. Michael Pearl, vice president of Cyvers, stated that with proper monitoring and interception, this comprehensive approach could thwart nearly all hacks, including zero-day vulnerabilities. The interest from wallet providers in this solution is growing, applicable to both small and complex transactions like flash loans. Phishing scams accounted for significant losses, with some incidents exceeding $100 million. Cyvers’ solution could have identified malicious smart contracts before the WazirX hack, showcasing its potential to secure centralized exchanges, which remain vulnerable to attackers. Access control vulnerabilities were responsible for over 81% of value stolen in 2024. In total, smart contract exploits led to losses of $456 million, highlighting the urgent need for improved security in crypto transactions.

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