More than $ 1.1 billion in cryptocurrency was lost by Web3 -cycles security incidents in the first half of 2024, according to blockchain monitoring firm Certik.
These losses occurred for 408 Onchain protection incidents during the six-month period, making the average costs for victims per incident $ 2.9 million.
The median loss was $ 230,784, which emphasizes the broad inequality between the losses that members during individual attacks.
Phishing was the most common attack vector that was aimed at Web3 users, making 150 incidents and $ 497.7 million on losses.
Private key compromises resulted in a particularly high number of losses for victims, with 42 incidents resulting in $ 408.9 million in losses. The researchers said that this emphasizes persistent vulnerabilities in important management.
The most common attack vectors for volume and financial losses were:
- Phishing – 150 incidents, losing $ 497.7 million
- Code Vulnerabilities – 105 incidents, losing $ 80 million
- Private key compromises – 42 incidents, losing $ 408.9 million
- Exit -Futing – 55 Incidents, Losing $ 79 million
- Price manipulation – 25 incidents, $ 38.5 million losses
- Access control – 20 incidents, losing $ 86 million
Ethereum The most targeted cryptocurrency
Certik observed Ethereum as the most targeted blockchain in H1 2024, with 222 incidents resulting in $ 315 million in losses.
Bitcoin was only hit by one security incident during this period, but this resulted in the theft of 4,502.9 BTC, worth $ 304 million. This was caused by a hack of the Japanese cryptocurrency exchange DMM Bitcoin on 31 May 2024.
Other crypto -block chains that were hit hard by security incidents, with seven incidents that resulted in $ 70.7 million in losses and arbitrum, with 28 incidents and $ 31 million in losses.
Web3 losses rise considerably
The H1 2024 loss represents a significant increase in the amount stolen by malignant actors compared to H1 2023, which was $ 640.2 million. Certik previously discovered that $ 1.84 billion had been lost as a result of security incidents throughout 2023.
The new report also emphasized an increase of 37% in the value of losses due to security incidents in Q2 2024 compared to Q1. However, there was a decrease of 18% in the number of Incidents Quarter-Over Quarter.
This discrepancy can be partially explained by the fluctuating price of Crypto, with the value of currencies such as Bitcoin rising in 2024.
Web3 is a decentralized internet service that is managed by users, based on blockchain technologies and cryptocurrencies. It is designed as an alternative to the centrally controlled internet.
Decentralized Finance (Defi) platforms on Web3 have become a lucrative target for cyber criminals because of the potential to steal huge sums of crypto in a single attack.
The researchers said that reducing cryptocurrency trading restrictions in markets such as Dubai and Hong Kong offers more options for Defi platforms, but these platforms must demonstrate improved security and functionality to fully benefit.