Over $750 Million Stolen in Crypto Last Quarter Despite Drop in Hacks: CertiK

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.

Key Takeaways

  • Over $750 million lost across 155 incidents in Q3 2024.
  • Total losses for 2024 now exceed $1.94 billion, surpassing 2023's total.
  • Phishing and private key compromises are the leading attack vectors.
  • Ethereum remains the primary target for hackers.

Overview of Losses

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.

Major Attack Vectors

The report identifies the following key attack vectors:

  • Phishing: Responsible for $343 million in losses across 65 incidents.
  • Private Key Compromises: Resulted in approximately $317 million lost across 10 incidents.

Notable Incidents

Several high-profile incidents contributed significantly to the total losses:

  1. Bitcoin Whale Attack: A single phishing attack in August led to a loss of $238 million from a Bitcoin wallet.
  2. WazirX Exchange Hack: In July, hackers exploited vulnerabilities in WazirX, resulting in a theft of $231 million across over 200 cryptocurrencies.
  3. DAI Stablecoin Theft: A sophisticated phishing attack resulted in the theft of $55.5 million in DAI stablecoins.

Ethereum Under Siege

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.

Recovery Rates Decline

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.

Conclusion

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.

Sources

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