Crypto Hackers Will Steal $750 Million in Q3 2024, Losses Growing 9.5% – CertiK
The third quarter of 2024 saw a decrease in the total number of reported crypto hacks but an increase in the value of stolen assets.
According to a report released by cybersecurity firm CertiK on October 1, total financial losses increased by an estimated 9.5%, with a total of $753 million taken from investors in 155 cases.
The Ethereum network experienced the highest number of security risks, with 86 hacks, scams and exploits costing more than $387 million.
The biggest event happened in It was August 19th when a Bitcoin whale lost 4,064 Bitcoin (BTC), about $238 million in a wallet deal.
Another major heist took place at India-based crypto exchange WazirX, where more than $235 million was stolen. The hack contributed significantly to the quarterly loss.
Safety incidents in chain 3Q24. Source: CertiK
By 2024 to date, hackers have stolen nearly $2 billion. In the first quarter of 2024, attackers spent more than $505 million in 224 attacks. In the second quarter, $687 million was stolen.
Additionally, recovery of stolen funds decreased last quarter. According to the report, only 4.1% of stolen property was recovered, down from 14.4% recovered in the previous quarter.
Related: September Crypto Hacks Surpass $120M, Centralized Exchanges Hit
Phishing and private key compromise are dominant.
Phishing emerged as the costliest attack method in the third quarter of 2024, with bad actors stealing more than $343 million in 65 instances.
Phishing attacks involve fraudsters posing as legitimate entities to trick users into providing sensitive information such as login credentials or private keys. Victims are often tricked by email, social media or fake websites.
“To avoid becoming a victim of these attacks, users should be wary of unsolicited messages requesting personal information, double-check website URLs and email addresses, and enable two-factor authentication (2FA),” CertiK said.
Private key compromises represent the second most damaging form of attack, resulting in $324 million in losses in just 10 cases. This quarter also saw a number of code vulnerabilities, intrusion incidents and price manipulation attacks.
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