Crypto Crime Skyrockets in 2024: Over $2.3 Billion Stolen

Crypto-related crime reached alarming levels in 2024, with over $2.3 billion stolen across 760 reported incidents, according to the new Web3 Security Report released by blockchain security firm, CertiK.

This figure represents a shocking 31.6% increase from 2023, with the average theft amount of $3.1 million per incident.

Phishing: The Leading Attack Method

Phishing accounted for $1.05 billion in losses across nearly 300 incidents. But how does phishing actually work? Scammers will send seemingly legitimate links that direct victims to fake websites, stealing their login credentials and accessing their wallets and digital assets.

Why are phishing cases rising? Data breaches allow criminals to personalize their attacks. For example, a recent campaign two weeks ago targeted Ledger wallet users by using data leaked from a previous breach.

The rise in phishing attacks over the past few years is staggering:

• 2022: $70 million lost
• 2023: $243 million lost
• 2024: $1.05 billion lost

Private Key Compromises and Platform Hacks

Private key compromises ranked as the second most damaging attack behind phishing, with 65 incidents costing victims over $855 million. Centralized exchanges and decentralized finance (DeFi) platforms also suffered heavily, collectively losing $1.27 billion.

While the total $2.2 billion stolen in hacks surpassed 2023's $1.8 billion, it was below the $3.7 billion record set in 2022, based on Chainalysis data.

Staying Safe: Protect Your Digital Assets

To protect against crypto crimes like phishing, follow these steps:

1. Secure Your Accounts

• Enable two-factor authentication (2FA) wherever possible.
• Use strong, unique passwords for all accounts, with a mix of upper/lowercase, symbols, and alphanumeric characters.
• Consider storing passwords in a secure password manager, rather than saving them on a browser.

2. Examine Links and Emails

• Scrutinize URLs for any irregularities.
• Avoid clicking on links from unknown senders or unsolicited emails.
• Look for secure HTTPS encryption in website addresses.

3. Practice Safe Connections

• Never transact over public Wi-Fi.
• Use a virtual private network (VPN) for added security.

4. Update Regularly

• Keep your wallets, devices, and software updated to prevent vulnerabilities.
• Enable automatoc updates for critical security patches.

5. Diversify Asset Storage

• Use a mix of cold wallets (stored offline) and hot wallets (stored online) to store digital assets.
• Keep large amounts of cryptocurrency in cold wallets to minimize exposure to online threats.

6. Only Use Trusted Wallets & Exchanges

• Only use exchanges and wallets that are well-reviewed and trusted within the community.
• Avoid platforms with limited security measures.

7. Educate Yourself

• Stay updated on the latest crypto security threats and scams using platforms like Discord and Reddit.

Conclusion

The surge in crypto crime in 2024 highlights the double-edged nature of cryptocurrency and blockchain tech as a whole. While this space can bring huge opportunities, it also opens new doors for cybercriminals.

The growth in phishing attacks and private key compromises highlights the importance of keeping your digital assets safe and well-protected, with multiple security measures in place.

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