top of page

CertiK Reports: Crypto Hackers Steal $750M in Q3 2024

Writer's picture: Blockonome GnomeBlockonome Gnome

Despite fewer attacks, the total value of assets stolen surged, highlighting the growing sophistication of crypto hacks.


CertiK Reports: Crypto Hackers Steal $750M in Q3 2024

The third quarter of 2024 saw a notable decline in the total number of cryptocurrency hacks, but the value of assets stolen surged to $753 million, according to a report released by cybersecurity firm CertiK on October 1. This represents a 9.5% increase in financial damage compared to previous quarters, as hackers continued to exploit vulnerabilities in the digital asset space.


Across 155 incidents, attackers made off with over three-quarters of a billion dollars, with the Ethereum network being hit hardest. Ethereum accounted for the majority of the damage, suffering 86 hacks, scams, and exploits that resulted in losses exceeding $387 million.


One of the most significant breaches occurred on August 19, when a Bitcoin whale lost 4,064 BTC, worth approximately $238 million, due to an apparent wallet compromise. This event stood out as the largest single incident of the quarter. Another major theft occurred at India-based crypto exchange WazirX, where over $235 million was stolen, contributing significantly to the quarter’s losses.


In total, hackers have stolen nearly $2 billion in 2024, with each quarter recording increasing financial damage. The first quarter saw $505 million in thefts across 224 attacks, while the second quarter experienced an escalation, with $687 million stolen.


Adding to the grim outlook, the report indicated that the recovery of stolen funds has sharply declined. Only 4.1% of assets were recovered in Q3, a steep drop from the 14.4% recovery rate in the previous quarter. This indicates that hackers are becoming more adept at covering their tracks, making it increasingly difficult for authorities to retrieve stolen funds.


Phishing attacks were the most costly method employed by hackers in the third quarter, leading to losses exceeding $343 million across 65 incidents. These attacks typically involve scammers posing as legitimate institutions, deceiving users into revealing sensitive information like private keys or login credentials through emails, social media, or fake websites. CertiK emphasized the importance of vigilance, advising users to double-check website URLs, verify email addresses, and enable two-factor authentication (2FA) to guard against such attacks.


Private key compromises represented the second most damaging attack type, accounting for $324 million in losses across just 10 incidents. Attackers gained access to users’ private keys, allowing them to take full control of victims’ digital assets. In addition to phishing and key compromises, the report also noted a rise in code vulnerabilities, reentrancy events, and price manipulation schemes.


As cryptocurrency adoption grows, so too does the complexity and frequency of attacks, despite efforts by platforms and security firms to mitigate risks. The third quarter of 2024 highlights a trend of rising financial losses from fewer but increasingly sophisticated attacks, with the Ethereum network particularly vulnerable.


The report serves as a reminder that while the decentralized nature of blockchain technology brings numerous advantages, it also opens doors for cybercriminals to exploit unsuspecting users. With hackers growing more sophisticated, individuals and businesses alike must remain vigilant in safeguarding their digital assets.


photo source / Blockonome

Commentaires


Top Stories

Thanks for subscribing!

© 2024 by Blockonome. 

Bring global cryptocurrency news straight to your inbox. Sign up for our monthly newsletter.

  • X
  • LinkedIn
  • TikTok
  • Instagram
  • Facebook

Blockonome's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.

bottom of page