$2.36 billion lost to cyberattacks

The cryptocurrency industry has seen significant growth in 2024, making major strides towards mainstream adoption. However, this progress has been overshadowed by a surge in security breaches. According to Certik Annual Reportthe industry faced 760 security incidents, resulting in losses of over $2.36 billion, an increase of 31.61% from 2023.

What’s next in the battle for security?

Growing Cybersecurity Threats

The year 2024 was marked by an increase in the frequency and complexity of cyberattacks. Hackers have used more advanced methods, with phishing attacks being the most common form of theft. Phishing accounted for $1.05 billion in stolen funds, with 296 incidents, including three major attacks that stole more than $100 million each.

Private key compromises followed closely, causing $855 million in losses across 65 attacks. These incidents highlight the growing need for better security as hackers continue to improve their techniques.

Ethereum hit hard

Ethereum was the most targeted blockchain, suffering 403 incidents that resulted in losses of $748.6 million. On average, each Ethereum attack resulted in a loss of $1.85 million. Other blockchains that have been hit hard include Bitcoin, with $542.7 million stolen, and Tron, which lost $133 million. The decentralized and multi-chain nature of crypto also makes it more vulnerable, with 39 exploits on different blockchains resulting in losses of $435 million.

May and Q3: the most expensive periods

May was the most expensive month for cyberattackers, with $444 million stolen in 63 attacks. The third quarter was also significant, with $753 million lost across 157 incidents. However, the fourth quarter showed signs of improvement, with losses reducing by 46.65% compared to the first three quarters. This suggests that the industry is starting to strengthen its security in response to growing threats.

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2024 saw growth despite setbacks

Despite the challenges, 2024 was a major growth year for the cryptocurrency sector. Bitcoin surpassed $100,000 after the US presidential election, and the SEC’s approval of Bitcoin ETFs boosted market confidence.

This growth highlights the need for stronger security measures to protect both investors and the general public.

While 2024 may be memorable for its security breaches, it is also a year that paved the way for a more secure and resilient crypto future. After all, 2025 could bring a change.