CertiK is a pioneer in blockchain security, combining expert manual review with best-in-class AI technology to protect and monitor blockchain protocols and smart contracts. (Image from Certik YouTube Channel)
NEW YORK, Jan. 02, 2025 (Korea Bizwire) – CertiK, a leading blockchain security firm, released its Web3 security report, Hack3d, for 2024. CertiK’s Hack3d reports provide the most comprehensive statistics and analysis of Web3 security.
In this report, CertiK revealed that more than $2.3 billion was lost across 760 on-chain security incidents in 2024. These figures represent an approximate 31.6% increase in value stolen compared to 2023. The number of security incidents year-over-year increased by 29.
CertiK also reported that phishing attacks and private key compromises—the top two attack vectors in 2024—resulted in approximately $1 billion and $855 million lost, respectively. Phishing represents nearly half of all value stolen in the year, and 39% of the number of incidents, suggesting that, on average, phishing attacks typically lead to larger amounts stolen per incident than other vulnerabilities.
Phishing’s popularity among attackers stems from its simplicity and effectiveness: Phishing preys on human vulnerabilities rather than solely targeting technological defenses. By crafting deceptive emails, fake websites, or fraudulent messages, attackers trick users into divulging sensitive information like passwords, private keys, or wallet addresses. In the crypto space, the irreversible nature of transactions makes phishing particularly devastating, as funds cannot be recovered once transferred—unless the attacker decides to return funds.
As CertiK noted, however, if amounts lost to phishing are excluded from the total, it seems that ecosystem security is getting better. For instance, the only incident from 2024 to make it into the top 20 incidents since January of 2021 is WazirX at $231 million, illustrating that the number of incidents breaking $100 million in losses has come down.
Additionally, CertiK’s Hack3d report analyzes the most exploited blockchains of 2024, how amounts stolen fare against factors like total value locked (TVL), the top incidents, notable industry developments, and best security practices for crypto participants.
Hack3d serves as an essential resource and record of statistics for understanding security challenges and vulnerabilities in the Web3 space. It equips stakeholders with the knowledge and insights needed to fortify their defenses and make informed decisions in an increasingly high-stakes environment.
Full report: https://indd.adobe.com/view/733ec833-8311-4c15-b27a-96561ccdef59
Contact
Elisa Yiting Xu
yiting.xu@certik.com
Source: CertiK via GLOBE NEWSWIRE
