Crypto Hacks Decline in Q3, Asset Thefts Surge to $753M

The third quarter of 2024 experienced fewer crypto hacks, but the value of stolen assets surged. A report by cybersecurity firm CertiK noted a 9.5% rise in financial damage. Hackers stole approximately $753 million from 155 incidents. Although the number of hacks decreased, the stolen amount was higher, indicating more lucrative attacks.

Ethereum Suffers the Most

Ethereum saw the most security breaches. It reported 86 hacks, scams and exploits that led to funds loss of over $387 million. The breaches with Ethereum were remarkable because it was widely used in decentralized applications. This made it to be prone to attackers who used the opportunity to find vulnerable points on the structure.

A heist also took place on August 19, where a Bitcoin whale was attacked. The whale saw 4,064 BTC – roughly $238m – drained from the associated wallet. This loss contributed the most to the total loss to hackers in the quarter.

Major Losses at WazirX

Another major incident took place at the India-based crypto exchange, WazirX. Hackers stole more than $235 million, adding to the quarter’s overall losses. This attack on WazirX was one of the biggest during this period and further increased the financial damage caused by cybercriminals.

Recovering stolen funds became more difficult during this quarter. Only 4.1% of stolen assets were retrieved, a significant drop from the previous quarter’s recovery rate of 14.4%. This decline shows how difficult it has become to trace stolen funds, as hackers continue to improve their techniques to avoid detection.

Phishing Cause Most Damage

The research also determined that phishing was the most expensive type of attack in the Q3 2024 period. Phishing schemes deprived the organizations of more than $343 million in 65 attacks. Scammers mimic valid organizational entities to deceive those they are after, thus succeeding in attaining such essential secrets like passwords or Personal Security Code. These scams ordinarily occur through fake emails, social media, or fake websites.

Phishing attacks highlight the importance of user caution. The growing number of these incidents shows that individual users are becoming prime targets for hackers. Cybersecurity experts recommend steps like enabling two-factor authentication and verifying website URLs and email addresses to avoid falling victim to such scams.