Hackers stole a record number of cryptocurrencies in 2024, raising serious security concerns within the fast-growing Web3 industry. More than $2.3 billion in total crypto assets have been captured, a 40% increase from 2023, according to a new report from onchain security firm Cyvers.
This rise coincides with the historic moment when Bitcoin crossed the $100,000 mark on December 6, 2024, increasing the appeal of crypto markets to hackers.
Access violations cause the greatest damage
The report found that access control vulnerabilities were the main cause of the losses. As much as $1.9 billion, or 81% of the total amount, was lost due to 67 incidents involving private and multi-signature wallets being hacked.
According to Deddy Lavid, CEO of Cyvers, weak key management systems play a crucial role:
“Compromised private keys and insecure wallet systems remain a major risk to the industry.”
Additionally, smart-contract exploits accounted for $456 million in stolen assets across 98 incidents, making this attack method the second-largest threat.
There will be no record year, but risks are increasing
While the total loss of $2.3 billion in 2024 is significant, the amount is still 37% lower than the record $3.78 billion in 2022. Still, the report highlights the urgent need for better security measures, such as offline storage of private keys and advanced real-time monitoring systems.
Lavid calls on the industry to take action:
“By investing in security innovation, collaboration and education, we can significantly reduce these risks and create a more secure Web3 ecosystem.”
What will 2025 bring?
The threat remains high, especially from North Korea. North Korean hackers are likely to target Bitcoin exchange-traded funds (ETFs) in 2025, according to Michael Pearl, vice president of strategy at Cyvers. This poses a significant challenge for both security companies and the broader crypto market.
With billions of dollars at stake and an increasing number of attacks, the industry is expected to take swift and effective action.
Source: https://newsbit.nl/cryptohacks-nemen-toe-in-2024-meer-dan-23-miljard-aan-crypto-gestolen/
