Crypto Hack Explosion: A Look into the First Quarter of 2024
Wednesday, 3 April 2024, 13:00
Overview of Q1 2024 Crypto Hacks
In early 2024, cybercriminals targeted the crypto sector, resulting in over $500 million in losses. The first quarter saw 223 onchain security incidents, a 54% increase from the same period in 2023. Despite a slight decrease from Q4 2023, losses remained alarmingly high.
Tactics Used by Hackers
- Private Key Compromises: The main method of theft, leading to nearly half of the total financial losses from 26 incidents.
- Exit Scams: Notable for rug pulls, costing users $68.3 million.
- Code Vulnerabilities and Flash Loan Attacks: Resulted in losses of $42.6 million and $37.7 million, respectively.
Ronghui Gu of CertiK stressed the continuing vulnerabilities draining value from the digital currency ecosystem.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.