{"id":172535,"date":"2024-10-03T11:53:14","date_gmt":"2024-10-03T11:53:14","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=172535"},"modified":"2024-10-03T11:53:20","modified_gmt":"2024-10-03T11:53:20","slug":"certik-crypto-hacks-decline-yet-750m-lost-to-thieves-this-quarter","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/certik-crypto-hacks-decline-yet-750m-lost-to-thieves-this-quarter\/","title":{"rendered":"CertiK: Crypto Hacks Decline, Yet $750M Lost to Thieves This Quarter"},"content":{"rendered":"<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">TL;DR<\/span><\/p>\n<ul style=\"text-align: justify\">\n<li><strong><span data-preserver-spaces=\"true\">Despite a decline in the number of crypto hacks<\/span><\/strong><span data-preserver-spaces=\"true\">, cybercriminals stole $750 million in Q3 2024 according to CertiK, a 9.5% increase from the previous quarter.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Phishing attacks and private key compromises<\/span><\/strong><span data-preserver-spaces=\"true\"> were the most prevalent methods, causing over $667 million in losses.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Recovery of stolen assets dropped significantly<\/span><\/strong><span data-preserver-spaces=\"true\"><span data-preserver-spaces=\"true\">, with only 4.1% of funds recovered, highlighting the growing sophistication of cybercriminals.<\/span><\/span><br \/>\n<hr \/>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">The third quarter of 2024 saw a decline in the number of reported <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crypto-economy.com\/what-are-cryptocurrencies-and-which-are-the-best-to-invest-in\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">cryptocurrency <\/span><\/a><span data-preserver-spaces=\"true\">hacks<\/span><\/strong><span data-preserver-spaces=\"true\">, yet the total value of assets stolen surged dramatically. <\/span><strong><span data-preserver-spaces=\"true\">According to a recent <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/indd.adobe.com\/view\/a2b865c7-3f51-4515-89f3-ed3117b579d2\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">report <\/span><\/a><span data-preserver-spaces=\"true\">by cybersecurity firm CertiK<\/span><\/strong><span data-preserver-spaces=\"true\">, a staggering $750 million was siphoned off by cybercriminals across 155 incidents. <\/span><!--more--><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83e\uddf5 Hack3D Report: Q3 2024 \ud83e\uddf5<\/p>\n<p>155 hacks, scams, and exploits drained $753,094,610 from Web3 in Q3 2024. This represents a 9.5% increase in value lost compared to Q2, despite fewer incidents.<\/p>\n<p>\ud83c\udfa5 Watch the breakdown in the video below.<br \/>\ud83d\udcca View the full report:\u2026 <a href=\"https:\/\/t.co\/WYhp7fGFCx\" target=\"_blank\">pic.twitter.com\/WYhp7fGFCx<\/a><\/p>\n<p>&mdash; CertiK (@CertiK) <a href=\"https:\/\/twitter.com\/CertiK\/status\/1841482635131888025?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">October 2, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">This represents a 9.5% increase in financial losses compared to the previous quarter. <\/span><strong><span data-preserver-spaces=\"true\">The Ethereum network bore the brunt of these attacks<\/span><\/strong><span data-preserver-spaces=\"true\">, with <\/span><strong><span data-preserver-spaces=\"true\">86 hacks<\/span><\/strong><span data-preserver-spaces=\"true\">, scams, and exploits resulting in over <\/span><strong><span data-preserver-spaces=\"true\">$387 million<\/span><\/strong><span data-preserver-spaces=\"true\"> in losses. <\/span><\/p>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">One of the most significant incidents <\/span><\/strong><span data-preserver-spaces=\"true\">occurred on August 19, when a <\/span><strong><a class=\"editor-rtfLink\" href=\"https:\/\/crypto-economy.com\/what-is-bitcoin\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Bitcoin<\/span><\/a><span data-preserver-spaces=\"true\"> whale lost 4,064 BTC<\/span><\/strong><span data-preserver-spaces=\"true\">, valued at approximately <\/span><strong><span data-preserver-spaces=\"true\">$238 million<\/span><\/strong><span data-preserver-spaces=\"true\">, due to a wallet compromise. <\/span><strong><span data-preserver-spaces=\"true\">Another major breach<\/span><\/strong><span data-preserver-spaces=\"true\"> involved the India-based crypto exchange <\/span><strong><span data-preserver-spaces=\"true\">WazirX<\/span><\/strong><span data-preserver-spaces=\"true\">, which suffered a loss of over <\/span><strong><span data-preserver-spaces=\"true\">$235 million<\/span><\/strong><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">CertiK Report: Phishing and Private Key Compromises<\/span><\/h2>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-172536\" src=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/10\/CertikPrivateKeys.jpg\" alt=\"CertiK: Crypto Hacks Decline, Yet $750M Lost to Thieves This Quarter\" width=\"825\" height=\"300\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/10\/CertikPrivateKeys.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/10\/CertikPrivateKeys-300x109.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/10\/CertikPrivateKeys-768x279.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/p>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">Phishing attacks emerged as the most prevalent and costly method used by cybercriminals<\/span><\/strong><span data-preserver-spaces=\"true\">, accounting for over <\/span><strong><span data-preserver-spaces=\"true\">$343 million<\/span><\/strong><span data-preserver-spaces=\"true\"> in losses across <\/span><strong><span data-preserver-spaces=\"true\">65 incidents<\/span><\/strong><span data-preserver-spaces=\"true\">. These attacks typically involve scammers posing as legitimate institutions to deceive users into revealing sensitive information, such as login credentials or private keys.<\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">CertiK advises users to be cautious of unsolicited messages, double-check website URLs and email addresses, and enable two-factor authentication (2FA) to mitigate such risks.<\/span><\/p>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">Private key compromises were the second most damaging attack type<\/span><\/strong><span data-preserver-spaces=\"true\">, resulting in <\/span><strong><span data-preserver-spaces=\"true\">$324 million<\/span><\/strong><span data-preserver-spaces=\"true\"> in losses across just 10 incidents. These attacks highlight the critical importance of securing private keys and using hardware wallets to store cryptocurrencies safely.<\/span><\/p>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">Decline in Recovery of Stolen Assets<\/span><\/h2>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">The report also noted a<\/span><strong><span data-preserver-spaces=\"true\"> significant decline in the recovery of stolen assets<\/span><\/strong><span data-preserver-spaces=\"true\">. Only <\/span><strong><span data-preserver-spaces=\"true\">4.1% of the stolen funds were recovered<\/span><\/strong><span data-preserver-spaces=\"true\"> in the third quarter, a sharp drop from the 14.4% recovery rate in the previous quarter. <\/span><\/p>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">This underscores the growing sophistication of cybercriminals<\/span><\/strong><span data-preserver-spaces=\"true\"> and the challenges faced by security firms in tracking and retrieving stolen assets. Despite a reduction in the number of hacks, <\/span><strong><span data-preserver-spaces=\"true\">the third quarter of 2024 has proven to be a costly period<\/span><\/strong><span data-preserver-spaces=\"true\"> for the crypto industry. <\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">The surge in financial losses highlights the evolving tactics of cybercriminals and the need for enhanced security measures. As the crypto landscape continues to grow, both users and platforms must remain vigilant to safeguard their assets.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TL;DR Despite a decline in the number of crypto hacks, cybercriminals stole $750 million in Q3 2024 according to CertiK, a 9.5% increase from the previous quarter. Phishing attacks and private key compromises were the most prevalent methods, causing over $667 million in losses. Recovery of stolen assets dropped significantly, with only 4.1% of funds &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"CertiK: Crypto Hacks Decline, Yet $750M Lost to Thieves This Quarter\" class=\"read-more button\" href=\"https:\/\/crypto-economy.com\/certik-crypto-hacks-decline-yet-750m-lost-to-thieves-this-quarter\/#more-172535\" aria-label=\"More on CertiK: Crypto Hacks Decline, Yet $750M Lost to Thieves This Quarter\">Read more<\/a><\/p>\n","protected":false},"author":32,"featured_media":172537,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102,84,74],"tags":[4602,9932,4656,4679,4708],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/172535"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=172535"}],"version-history":[{"count":2,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/172535\/revisions"}],"predecessor-version":[{"id":172541,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/172535\/revisions\/172541"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/172537"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=172535"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=172535"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=172535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}