The cryptocurrency sector is facing a significant security crisis, with a reported 112% increase in hacks during the second quarter of 2024 compared to the previous year. This alarming rise in breaches, coupled with a shift towards centralized finance (CeFi) platforms, underscores the urgent need for enhanced security measures. Experts recommend using strong passwords, two-factor authentication (2FA), and hardware wallets to protect assets from phishing scams and other threats. The heightened risk levels in the crypto market have prompted calls for users to stay informed and take proactive steps to safeguard their investments.