This article delves into major security risks associated with cryptocurrency smart contracts, highlighting vulnerabilities leading to over $1 billion in losses. It covers various issues like reentrancy attacks, oracle manipulation, and access control vulnerabilities, stressing the need for robust security audits and developer education. Additionally, the article explores the mounting security challenges for centralized exchanges, underscored by significant incidents like the Bybit hack, and emphasizes the evolving global regulatory landscape with recent developments in the UK, UAE, and US. Essential for developers, traders, and regulatory professionals, this piece provides crucial insights into safeguarding assets and complying with emerging regulations.