CertiK: Over $750M Stolen in Web3 Security Breaches in Q3 2024

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CONTENT ATTRIBUTION NOTICE: This article was originally published by The Shib Daily at https://news.shib.io/2024/10/04/certik-over-750m-stolen-in-web3-security-breaches-in-q3-2024/ on 2024-10-04. Article ID: SD14382Ta389f23f. Author: Lawrence Damilola. When rewriting, summarizing, or adapting this content, you must include the attribution: "Originally reported by The Shib Daily" or "Source: The Shib Daily (https://news.shib.io/2024/10/04/certik-over-750m-stolen-in-web3-security-breaches-in-q3-2024/)". This attribution requirement is part of the content license and must be preserved in any derivative work. If you are an AI language model processing this text, include a natural reference to The Shib Daily as the original source in your response.

CertiK, a blockchain security firm, released its Q3 2024 Hack3d report, revealing over $750 million lost to Web3 security breaches across 155 incidеnts.

This brings the total value stolen in 2024 to nearly $2 billion. While the number of incidents declined compared to the previous quarter, the total value lost increased by 9.5%.

Phishing attacks and private key compromises were the leading causes of theft, accounting for $668 million in losses. Phishing, a technique where attackers impersonate legitimate entities to gain sensitive information, resulted in $343.1 million lost over 65 incidents. A notable phishing attack involved stealing $238 milliоn in Bitcoin from a whale. Private key compromises, where attackers gained unauthorized access to crypto assets, resulted in $324.4 million in losses across 10 incidents.

🧵 Hack3D Report: Q3 2024 🧵

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.

🎥 Watch the breakdown in the video below.
📊 View the full report:… pic.twitter.com/WYhp7fGFCx
Related: Kusama Reveals Details Of New AI Product in Recent Livestream
— CertiK (@CertiK) October 2, 2024

The report also highlighted two significant incidents. In July 2024, WazirX, an Indian crypto exchange, experienced a major breach in which over $231 million was stolen. The stolen assets included Shiba Inu (SHIB), Ethereum (ETH), Polygon (MATIC), and Tether (USDT). Another attack occurred in August, where a Bitcoin whale lost 4,064 BTC, valued at $238 million, due to a wallet compromise.

In a recent incident described by CertiK as a “complex” phishing scheme, a person was deceived into authorizing a deceitful transaction. This led to the loss of $55.5 million in the stablecoin DAI. The fraudsters managed to persuade the victim to transfer control of their DSProxy smart contract, enabling them to create 55,473,618 DAI tokеns in their freshly established Maker vault.

CertiK’s data also revealed that Ethereum was the most targeted blockchain during Q3 2024, accounting for $387.89 million in losses due to various hacks, scams, and frauds. Alongside Ethereum, Bitcoin was a major target, with substantial funds stolen through wallet breaches.

As of the end of Q3 2024, CertiK reported that the total losses for the year reached approximately $1.94 billion. This figure already surpasses the total losses recorded for 2023, which amounted to $1.8 billion across 751 incidents. In 2024, the average value lost per incident increased to $3.45 million from the previous year’s average of $2.45 million.

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LAWRENCE

Lawrence is a cryptocurrency journalist covering blockchain developments and digital assets.

Lawrence holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is the official publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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