CertiK reports $750 million stolen in Q3 despite fewer crypto hacks

Cybersecurity firm CertiK has reported that while the number of cryptocurrency hacks decreased in Q3 2024, the total value stolen increased significantly to $750 million. 

CertiK’s Web3 security report shows this brings the total losses for the year close to $2 billion. 

Phishing and private key compromises were the most frequent attack methods, responsible for $668 million in damages. 

Phishing attacks alone caused $343 million in losses across 65 incidents. 

One notable case involved a Bitcoin whale who lost $238 million in August, marking the quarter’s largest phishing attack. 

Although some of the funds were recovered, a substantial portion remains missing. 

Private key compromises also led to $317 million in losses from just 10 incidents. 

In July, hackers targeted WazirX, an Indian crypto exchange, and stole $231 million in over 200 different cryptocurrencies, including Ethereum (CRYPTO:ETH), Shiba Inu (CRYPTO:SHIB), and Polygon (CRYPTO:MATIC). 

Ethereum was the most targeted blockchain, with $387.8 million stolen across 86 incidents. 

Multichain hacks were also significant, contributing $89.8 million in losses across various networks. 

Other attack methods included code vulnerabilities, which caused $39.6 million in losses, and reentrancy attacks, resulting in $30.3 million. 

The report noted that the average loss per hack reached $5.93 million, with a median loss of $120,529. 

Only 4.1% of stolen funds were recovered in Q3, a decline from 14.4% in Q2. 

Immunefi, a security platform, reported that August saw a significant drop in crypto-related losses, with only $15 million lost in five incidents, marking the lowest monthly total of the year.