- CertiK report findings Cryptocurrency losses exceed $753 million in Q3 2024A 9.5% increase since the second quarter, with fewer incidents recorded.
- Ethereum is the most targeted86 accidents occurred, with losses amounting to US$387.8 million.
- Phishing attacks dominate The highest number of incidents were reported (65) and the highest losses ($343 million).
- one Bitcoin whales lost $238 million, setting record loss During this period, WazirX lost $231 million.
The recent CertiK Web3 report shows a grim picture – Q3 2024 is not a good time for cryptocurrencies.
Exceed 155 security incidents caused $753 million in losses Within three months, it increased by 9.5% from the previous quarter. as usual, Phishing is a major contributorworth $343 million stolen in 65 incidents.
The average loss per incident is approximately $5.9 million, of which Ethereum losses are worth $387 million. Shockingly, hackers have stolen over $2 billion so far in 2024.
The report also highlights the vulnerability of private keys, or rather, how people fail to protect them effectively. That’s because Hackers stole over $324 million by leaking private keys.
Let’s take a look at the report and see other highlights.
The most important highlights of Q3 2024
Below is a summary of the CertiK report:
- Highest number of phishing attacks (65), resulting in the highest loss ($343 million).
- WazirX’s $231.4M attack was second largest After Bitcoin whale lost $238 million.
- Ethereum had the most incidents (86), of which Highest loss ($387.8 million).
- BSC had the second highest number of incidents at 39, 15 more than all other record chains combined (Outside of Ethereum).
- Hackers returned more than $30 million in 9 incidentsbringing the total loss in the third quarter to US$722,147,751.
- timeThere were fewer hacking attacks in Q3 than in Q2but the total value loss increased by 9.5%. This means the attack is more severe.
- Reasons for phishing and private key leaks 88.71% of total value lost.
- Code vulnerabilities cost more than $30 millionbehind this lies the need for better code auditing in DeFi.
- Hackers targeted Ethereum 86 more times and caused Loss 331% more than Bitcoin.
It seems The crypto industry is a bigger target than everespecially with the launch of the $ETH ETF.
Oddly, the $231 million WazirX hack was not the largest incident recorded in the third quarter. This misfortune belongs to Bitcoin whale lost $4,064 BTC, worth $238 million.
Certification Center Report unspecified amounts recovered. It looks like the whales recovered 2.1 times more than they lost, which… shouldn’t be correct.
WazirX ranks second, Ranked third among phishing victims who lost $55.5 million. It is rare for individual cryptocurrency investors to suffer such significant losses.
Overview of loss types
CertiK’s report highlights a worrying trend. Phishing attacks remain the main threat among crypto scams, with code vulnerabilities not far behind. Below is an overview of the types of losses, along with the number of incidents and losses:
- Phishing: 65 incidents totaling $309,278,519
- Private key leaked: 10 incidents totaling US$317,786,322
- Code vulnerabilities: 44 incidents valued at $39,680,651
- Reentrancy: 5 incidents $30,353,579
- price manipulation: 3 incidents totaling $7,686,536
- IDO or fundraising rug: 1 incident $2,118,058
- token dump: 11 incidents $1,415,342
- Liquidity is removed: 3 incidents totaling $349,596
- access control: $175,795 for 8 incidents
The strange thing is, Code vulnerabilities are the second most common attack after phishingwhich emphasizes the urgent need for network security upgrades. This is somewhat concerning because investors have no control over these vulnerabilities. It’s the developer’s responsibility to prevent them.
Summary – What should we do?
CertiK’s report highlights Stronger cybersecurity practices needed This is true for both DeFi platforms and individuals.
2FA and MFA (although MFA may not be as secure as once thought) and cryptographic scam identification methods are becoming critical.
Hackers are becoming more sophisticated and our awareness must increase as well.
