Key Points
In the third quarter, threat actors managed to steal more than $750 million in cryptocurrency. This was achieved through over 150 security incidents, marking a 9.5% increase in the value lost. Interestingly, this happened despite there being 27 fewer incidents compared to the second quarter.
Significant Contributors to Cryptocurrency Thefts
The data from blockchain analytics firm CertiK indicates that phishing attacks and private key compromises played a significant role in the thefts. Even though there was a decline in the total number of security incidents (over 150), the total value lost still increased by 9.5% compared to the previous quarter.
According to CertiK’s estimates, hackers have stolen nearly $2 billion in 2024 alone. The data shows that $505.5 million was lost across 224 attacks in the first quarter and $687.5 million in the second quarter. In the third quarter, phishing was the most damaging attack vector. It resulted in nearly $343.1 million being stolen across 65 incidents.
CertiK explains these attacks usually involve bad actors pretending to be legitimate entities. They trick users into revealing sensitive information, such as login credentials.
Private key compromises were the second most costly attack vector. They resulted in $324.4 million being stolen across 10 incidents. These two vectors accounted for $668 million in losses. Other security incidents in the third quarter involved code vulnerabilities, reentrancy events, and price manipulation. These incidents underscore the urgent need for improved security protocols in the decentralized finance sector.
CertiK points out that Ethereum (ETH) remained the most targeted blockchain. It had $387.9 million stolen in 86 incidents, significantly outpacing Bitcoin (BTC), which was also heavily targeted. The blockchain firm suggests that as hackers continue to evolve their tactics, the crypto industry must prioritize user education and advanced security measures to protect assets.