Crypto Market Security Report 2024
Today, on July 3, 2024, a significant report released by security company CertiK has captured the attention of the cryptocurrency community. The report reveals that in the first half of 2024, the cryptocurrency market suffered substantial losses amounting to over $1.19 billion due to on-chain security incidents. These incidents were primarily attributed to phishing attacks and the compromise of private keys.
Overview of Losses
The report indicates that phishing was the leading cause of losses, amounting to $498 million alone in the first half of 2024. Following the report, Ronghu Gu, the co-founder of CertiK, emphasized the critical necessity for enhanced security protocols. Gu recommended that all wallets holding significant funds should only be accessed through a hardware wallet or a similarly secure and well-designed key management solution.
Emphasis on Security Measures
Furthermore, Gu highlighted the importance of implementing multifactor authentication, such as two-factor authentication (2FA) and 'security keys.' The dynamic nature of the market, coupled with rapid developments, has raised concerns within the community regarding the substantial losses incurred in just six months.
Major Security Incident
Amid various security breaches in 2024, the DMM Bitcoin attack stood out as one of the most significant, resulting in a loss of $304 million and marking its place among the top historical hacks. Other notable incidents include security breaches at Japanese and Turkish crypto exchanges, which led to losses of over 4502 Bitcoin and $90 million, respectively.
Peak Security Incidents
The security incidents peaked in May 2024, with hackers absconding with $385 million worth of assets. However, in June 2024, there was a decrease of 54.2% in crypto losses. According to reports from security firm PeckShield Alert, hackers managed to steal around $176.2 million worth of crypto in June 2024.
Market Fluctuations
Despite these incidents, the current market is facing challenges in gaining momentum. Major assets like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB (BNB) experienced price drops of over 3%, 3.5%, 4.5%, and 3.2%, respectively, in the last 24 hours.
