CeritK: Pros and Cons to be Taken Away From the Crypto Fraud Landscape in 2024

This post was originally published on The FinTech Times

Blockchain and DeFi cybersecurity platform, CertiK has published its latest findings on the cryptocurrency fraud space, revealing that 2024 was both cause for concern and reason to be optimistic. While $2,339,075,289.45 was lost, this was still significantly less than the figures seen in 2021 and 2022.

In its latest Hack3d report, CertiK examined the industry’s vulnerabilities and assessed its resilience. It revealed that phishing had the biggest imprint on the web3 landscape and it wasn’t even close. The total amount of access control (38), exit scams (91), price manipulation (33) and private key compromise incidents (65) combined was still short of the total amount of phishing scams seen in 2024, with 296 counts.

However, while phishing still accounted for the largest amount of crypto funds lost in 2024 ($1.1billion), $855.4million was lost to private key compromises, revealing that to be the most costly form of incident individually on average (£13.6million). Nonetheless, three phishing attacks across the year each saw over $100,000 lost.

In total, 2024 saw just over $2.3billion lost across 760 incidents, revealing a 31.61 per cent year-on-year increase in the value of crypto lost. Q3 was especially costly as $753million was lost across 157 incidents.

The Hack3d report also analysed some of the biggest

Read the rest of this post, which was originally published on The FinTech Times.

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