CertiK Alerts on Increasing Phishing Threats

Over $2 Billion Stolen in 2024 Cyberattacks: Phishing and Key Compromises Dominate

In 2024, cybercriminals stole over $2.36 billion in cryptocurrency and blockchain-related hacks, according to a comprehensive report by security experts. This figure represents a 31.61% increase in losses compared to the previous year, with nearly 760 incidents recorded.

Phishing: The Most Devastating Attack Vector

Phishing emerged as the costliest threat in 2024, accounting for more than $1 billion in losses from 296 attacks. Security experts emphasized that actual figures could be significantly higher, considering many incidents go unreported. At least three attacks resulted in individual losses exceeding $100 million, highlighting phishing’s devastating financial impact.

Private Key Compromises Rank Second

Compromised private keys took the second spot as a leading threat. Over 65 incidents resulted in more than $855 million in stolen assets. These incidents underscore persistent vulnerabilities in crypto security architecture. Critical code flaws also facilitated high-value hacks throughout the year.

Notable Incidents from 2024

Some of the most alarming attacks of 2024 included:

• DMM Bitcoin Hacked: In May, attackers breached the Japanese cryptocurrency exchange, stealing 4,502 BTC (valued at $320 million at the time). This marked the second-largest loss in Japan’s history, following the infamous Coincheck incident. By December, DMM Bitcoin announced its liquidation following the attack.

• North Korean Hackers’ Activity: Analysts estimate that hackers from North Korea alone stole at least $1.34 billion in crypto assets, illustrating the ongoing threats posed by state-sponsored cybercriminal groups.

Evolving Threats in 2025

Looking ahead, security experts predict that phishing schemes will become even more sophisticated, leveraging artificial intelligence to deceive victims. As the crypto ecosystem evolves, so too will cybercriminal strategies, emphasizing the need for advanced security measures.

The Bigger Picture: Web3 Security Challenges

The Web3 ecosystem, including decentralized finance (DeFi), centralized finance (CeFi) platforms, blockchain-based games, and metaverses, collectively suffered $2.9 billion in damages last year. Alarmingly, 78% of hacks were attributed to access control vulnerabilities.

Building Resilience

As the crypto industry continues to grow, proactive measures are critical to safeguarding assets and building a secure digital future. Regular audits, robust private key management, and enhanced user education are vital in combating phishing and other high-cost scams.