CertiK Reports $1.19 Billion Lost to Security Breaches in H1 2024
New York, July 03, 2024 — CertiK, a leader in blockchain security, has released its latest publication, "Hack3d: The Web3 Security Report for Q2 and H1 2024," detailing onchain security breaches in the first half of the year.
In Q2 2024, $688 million was lost across 184 onchain security incidents, marking a 37% increase in value lost compared to Q1 2024. Phishing incidents accounted for $433 million of these losses, with private key compromises resulting in $170 million. Ethereum was notably affected, suffering losses of $170 million across 83 incidents. Despite these breaches, $99 million was recovered, bringing total adjusted losses to $589 million for the quarter.
For the first half of 2024, total losses amounted to $1.19 billion across 408 incidents. Notable breaches included the DMM Bitcoin attack, where $304 million was stolen, and a cyberattack on the Turkish exchange BtcTurk, which lost $90 million. CertiK's co-founder, Prof. Ronghui Gu, emphasized the importance of continued vigilance and innovation in onchain security to mitigate such risks.
Despite these substantial losses, the period also saw regulatory advances like the FIT21 bill in the U.S. and the approval of spot ETFs for Bitcoin and Ethereum, signaling a maturing market and greater institutional involvement.
CertiK, founded in 2018 by Yale and Columbia University professors, is a forerunner in blockchain security, combining manual review and AI technology to safeguard blockchain protocols and smart contracts. The company has worked with nearly 4,100 clients, secured over $370 billion in digital assets, and identified nearly 70,000 vulnerabilities in blockchain code.
Contact: Elisa Yiting Xu ([email protected])
Sources: CertiK via GLOBE NEWSWIRE