The second quarter of 2024 proved to be a tumultuous time for the world of cryptocurrency, with a staggering 113% increase in losses due to hacks and scams. According to recent reports, centralized exchanges were hit the hardest, losing millions and reversing a previous trend of decline in such incidents. The alarming surge in fraudulent activities has raised concerns among investors and experts alike, highlighting the need for stricter security measures in the digital currency market.