Crypto News – Crypto Losses Hit $1.19B in First Half of 2024: CertiK Urges Enhanced Security

Crypto News – 2024’s First Half Sees $1.19 Billion in Crypto Losses: CertiK Advocates for Improved Security Measures

Crypto News – A recent CertiK report reveals staggering losses of $1.19 billion due to onchain security breaches in the first half of 2024, underscoring the urgent need for stronger security measures. Phishing attacks and private key compromises are the primary culprits, with phishing alone causing nearly $498 million in losses.

In an interview with Cointelegraph, CertiK co-founder Ronghu Gu emphasized the importance of multifactor authentication, such as two-factor authentication (2FA) and security keys.

All wallets with significant funds should be protected using a hardware wallet or a similarly secure key management solution,

Major Attacks in 2024

The DMM Bitcoin attack stands out as the largest breach of the second quarter, with hackers making off with $304 million, ranking it among the most significant crypto heists in history. The Japanese exchange lost 4,502.9 Bitcoins, prompting a swift upgrade in security measures.

Another notable incident involved the Turkish exchange BtcTurk, which suffered a $90 million loss from a cyberattack targeting its hot wallets. Gu pointed out that these breaches highlight the persistent threat posed by attackers testing the defenses of major crypto custodians.

Regulatory Developments: FIT21 Bill

In response to the ongoing security challenges, the United States passed the FIT21 bill, aimed at enhancing consumer protections and fostering innovation in the crypto sector. This bipartisan-supported legislation is expected to create a safer and more regulated environment for digital assets, potentially attracting more institutional investors and driving compliance efforts across the industry.

Optimism Amidst Challenges

Despite the alarming figures, Gu remains optimistic. “The trend is not pointing downward,” he noted, highlighting a significant drop in crypto hacks from May to June. According to PeckShield data, losses fell from $385 million in May to $176.2 million in June, a 54.2% decrease.

Gu encouraged users to adopt simple protective measures like 2FA, stressing the importance of proactive security and a responsive team to handle incidents.

FAQ: Understanding the Latest CertiK Web3 Security Report

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