April 19, 2024
Latest Cryptocurrency News

Rising Concerns Over Increase in Cryptocurrency Hacks

The co-founder of CertiK, Ronghui Gu, has raised alarms over the surge in complexity of private key compromises and phishing attacks in the first quarter of 2024, marking a notable departure from previous years.

Escalating Losses Prompt Security Concerns

CertiK’s quarterly report revealed staggering losses of $239 million due to private key compromises, representing a 1,171% increase compared to the same period in 2023. Additionally, phishing attacks accounted for $64 million in losses across 83 incidents, intensifying worries within the crypto community.

The number of incidents and amount lost in Q1 2024. Source: CertiK

Gu advocates for the adoption of multisig wallets and multiparty computation to bolster security, emphasizing the importance of distributing authorization power to mitigate single-point failures and unauthorized access. He underscores the necessity of incorporating both Web2 and Web3 security practices to counter targeted and advanced attacks effectively.

Losses from Web3 security incidents by quarter. Source: CertiK 

Proactive Measures Urged Amid Market Growth

As the market experiences an upswing, Gu predicts a continuation of security threats throughout the year. With cybercriminals increasingly incentivized to exploit vulnerabilities, he emphasizes the importance of proactive preparation and education to mitigate risks effectively.

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