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04/07/24
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Over $1.1 Billion Lost to Security Incidents Across the Crypto Space in H1 2024
On July 3, CertiK published its Web3 Security Report for the second quarter of this year, noting that there were 184 onchain security incidents and leading to the loss of $688,102,941. This means that there was a 37 percent increase in the amount lost relative to the first quarter of this year.
The number of incidents declined by 18 percent on a quarterly basis. In the first half of the year, 408 onchain security incidents led to the loss of $1,190,398,361. Sixty-seven incidents related to phishing prompted losses amounting to $433,688,871 in the second quarter, while 150 phishing incidents led to losses valued at $497,735,904 in the first half of 2024.
$170,064,635 was lost to private key compromises in sixteen major incidents in the second quarter and $408,949,115 in 42 incidents in the first half. According to CertiK, this suggests persistent vulnerabilities in key management.
In Q2, Ethereum recorded the highest number of security incidents, with a total of 83 hacks, scams, and exploits leading to losses worth $170,636,798. Similarly, Ethereum was the most affected chain in the first half, recording 235 incidents with losses valued at $397,405,773.
In the second quarter, BNB Chain recorded losses valued at $12 million across 44 incidents, while multichain incidents led to losses worth $143 million across thirteen incidents.
“The total dollar value of funds returned was $99,328,507 across 7 separate incidents, leading to adjusted total losses of $588,774,434 for the quarter. The total value of funds returned in H1 2024 was $177,791,389 across 18 incidents, leading to adjusted total losses of $1,012,606,971 for the first half of 2024,” reads the report.
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