Phishing attacks and private key breaches have led to the theft of over $750 million worth of cryptocurrencies during the third quarter of 2024, according to a new report by blockchain analytics firm CertiK.
Despite a decrease in the number of security incidents to just over 150, the total amount lost increased by 9.5% compared to the previous quarter.
CertiK estimates that hackers have stolen nearly $2 billion in 2024. The data reveals $505.5 million lost across 224 attacks in Q1 and $687.5 million in Q2. In Q3, phishing became the most harmful attack vector, accounting for $343.1 million in losses from 65 incidents.
“These attacks typically involve bad actors posing as legitimate entities to trick users into revealing sensitive information, such as login credentials,”
CertiK noted.
They highlighted that private key compromises were the second most costly attack vector in Q3, leading to $324.4 million stolen across ten incidents. Combined with phishing attacks, these two vectors totalled $668 million in losses. Additional security breaches involved code vulnerabilities, reentrancy attacks, and price manipulation, underscoring the critical need for more robust security measures in the decentralized finance sector.
The report also stated that Ethereum remained the most targeted blockchain, with $387.9 million stolen across 86 incidents, far surpassing Bitcoin, which was also frequently targeted. As hackers refine their tactics the need for the crypto industry to prioritize user education and implement advanced security measures to safeguard assets.
This news follows a recent report revealing that in September 2024, cryptocurrency platforms suffered over $120 million in losses from more than 20 hacks, according to blockchain forensics firm PeckShield. Centralized and decentralized platforms were affected, with exchanges like BingX and Indodax hitting the hardest. BingX lost $40 million, while Indodax reported $22 million in damages. Despite these breaches, September saw the second-lowest number of hacks in 2024, with losses down 61.7% compared to August’s $314 million theft.
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