CertiK reports over $750 million stolen in crypto last quarter despite fewer hacks, highlighting a troubling trend in the security landscape.
In a startling revelation, cybersecurity firm CertiK reported that over $750 million was stolen from the crypto sector in the last quarter, despite a decrease in the number of hacking incidents. The report highlights a worrying trend where the value of losses continues to rise even as the frequency of attacks declines.
According to CertiK's latest Web3 security report, hackers managed to siphon away approximately $753 million in Q3 2024. This marks a 9.5% increase in the value lost compared to the previous quarter, despite 27 fewer incidents.
The report indicates that the total losses for the year have now reached nearly $2 billion, with phishing and private key compromises accounting for the majority of the losses.
The report identifies the following key attack vectors:
Several high-profile incidents contributed significantly to the total losses:
Ethereum continues to be the most targeted blockchain, with $387.8 million stolen across 86 incidents. The report also highlights the risks associated with multichain hacks, which accounted for $89.8 million in losses across various networks.
Despite the alarming figures, only 4.1% of stolen funds were recovered in Q3, a significant drop from 14.4% in Q2. The average loss per hack reached $5.93 million, with a median loss of $120,529.
The findings from CertiK's report underscore the ongoing vulnerabilities within the crypto sector, even as the number of hacking incidents declines. As the market continues to grow, the need for enhanced security measures becomes increasingly critical to protect assets from malicious actors.
