CertiK has released its latest report, entitled Hack3d: The Web3 Security Report for Q1 2024.
Hack3d is described by CertiK as being the industry’s most comprehensive record of statistics and analysis of on-chain security incidents.
According to a blog post by CertiK, the research report is meant to equip stakeholders with the knowledge needed “to make informed decisions in an increasingly high-stakes environment.”
As revealed in the report, a total of $502,522,934 was “lost across 223 on-chain security incidents in Q1 2024.”
This is said to “represent a 54% increase in value lost compared to Q1 of 2023’s total of $326 million, though a minor 3.8% decrease from Q4’s losses of $522 million.”
January was reportedly the “most costly month of the quarter, with $193,132,537 lost in 78 onchain security incidents.”
The team at CertiK further revealed that private key compromises “were once again the most costly attack vector, with $239,037,879 lost in just 26 incidents.”
This again represents nearly “half of all financial losses, though key compromises accounted for just 11.7% of all security incidents.”
CertiK noted in its crypto industry report that Ethereum (ETH), the second-largest cryptoby market cap and adoption, has experienced “the highest number of security incidents, with a total of 131 hacks, scams, and exploits leading to $139 million in losses.”
And $77,970,073 of value was “ultimately returned, with the majority of this figure coming from the Munchables incident.”
As explained by CertiK, Hack3d aims to “investigate the ongoing prevalence of private key compromises, as well as Solidity rounding error exploits, the unprecedented inflows to the recently-approved Bitcoin ETFs, major financial institutions’ forays into on-chain finance, and the effects of Ethereum’s successful Dencun upgrade on scaling L2s.”
During the past year, a growing number of investors and traders have been drawn to the Bitcoin and crypto space due to rising prices and the overall development / maturation of the industry. In order to avoid potentially damaging hacks and more serious security breaches, individuals and business organizations must focus on maintaining low profiles online and offline.
In addition to keeping personal details off of social media platforms, it is always a good idea to adhere to the recommended safety / security practices so that you do not become a victim of fraudulent activities (including rising levels of identity fraud).
