Article Content: The article from CoinDesk highlights that in 2024, crypto hacks and rug pulls led to losses amounting to $473 million. This data comes from Immunefi, a security service that monitors vulnerabilities in decentralized finance (DeFi) projects.
Source: coindesk.com
Almost if not all of these losses can be attributed to chains other than the Bitcoin network. For applications built on smart contract platforms (EVMs), they're inherently prone to bugs especially when developers become ignorant of very simple features that can lead to loss of funds for both the users and protocol at large. Hacks will continue to be a thing as long bugs exist in the code and the immutable nature of any and all code deployed unto an EVM chain.