TheWeb3spacehasevolvedduringthelastfewyearsbutisstillfacingsecurityissues.Inthethirdquarterof2024,hackers’attacksoncryptocurrenciescostmorethan$753million.However,evenwithoverallupbeattrendsrangingfromtheapprovalofSpotEthereumETFstogrowinginstitutionaladoption,cyberattackspresentasignificantproblem.
ExplorethetopattackvectorsincryptofromQ32024inHack3dPart1.Discoverhowphishing,privatekeycompromises,andcodevulnerabilitiesledtoover$750millioninlosses.
Protectyourselfbyunderstandingtheseattacksandhowtoavoidthem👇https://t.co/Wqw1ayCdbk
—CertiKSkynetRating(@CertiKCommunity)October16,2024
Phishingwasidentifiedasthemostcommonvulnerabilitytype,andhackstargetedDeFiplatformsandcentralizedexchangeswithvulnerabilitiesinseveraldomains.ThestatsweredisclosedinareportbySkynetbyCertiK,knownfordeliveringWeb3’smostcomprehensivesecurityscores.
MassiveLossesfromPhishingIncidentsinCryptoSpace
PhishingattacksweremostprominentinQ3,whentheattackersstole$343millionthrough65cases.Thisquarterbroughta9.5%riseintheattributeofworthlosttocybercrime,eventhoughthecaseswerereducedfromthepreviousquarter.Asthethreatactorsaremorecreative,cryptousers,especiallyindecentralizedsystems,aremuchmoreatrisknow.
Ethereum($ETH)RemainstheMostTargetedNetwork
Ethereum($ETH)remainsaprimarytargetforhackers,suffering$387millionintheftsacross86incidentsinQ32024.ThisissignificantlyhigherthanthelossesreportedonBitcoin,whichrankedsecond.Additionally,$89millionwasstolenfromcross-chainattacks,reflectingongoingvulnerabilitiesinmultichainecosystems.Thesefiguresunderscoretheneedformorerobustsecuritymeasuresacrossblockchainnetworks.
Privatekeycompromisesandcodevulnerabilitiesalsocontributedtothequarter’soveralllosses.Theproblemofreentrancyattacks,whichreflectsvulnerabilitiesinsmartcontractcode,remainsasignificantdangertothedevelopmentofDeFi.Hackersareimprovingtheirskillsthusdemandinguserawarenessaswellasimprovementonsecuritymeasurestocounterthesethreats.
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