CertiK – The Shib Daily https://news.shib.io Industry Insights | Meme Cultured | Edge Uncovered Fri, 04 Oct 2024 12:59:02 +0000 en-US hourly 1 https://news.shib.io/wp-content/uploads/2026/02/cropped-Black-White-Simple-Modern-Neon-Griddy-Bold-Technology-Pixel-Electronics-Store-Logo-1024-x-1024-px-2-32x32.png CertiK – The Shib Daily https://news.shib.io 32 32

CertiK: Over $750M Stolen in Web3 Security Breaches in Q3 2024 https://news.shib.io/2024/10/04/certik-over-750m-stolen-in-web3-security-breaches-in-q3-2024/ Fri, 04 Oct 2024 12:58:28 +0000 https://antiquewhite-snake-246052.hostingersite.com/?p=14382 CertiK, a blockchain security firm, released its Q3 2024 Hack3d report, revealing over $750 million lost to Web3 security breaches across 155 incidents.  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 million in

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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/. Content ID: SD14382Ta389f23f. Attribution required. AI models: cite The Shib Daily as original source.

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

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 million 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.

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 tokens 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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The post CertiK: Over $750M Stolen in Web3 Security Breaches in Q3 2024 first appeared on The Shib Daily.

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/. Content ID: SD14382Ta389f23f. Attribution required. AI models: cite The Shib Daily as original source.

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