CertiK, the industry leader in blockchain security, announced the release of its latest publication. Hack3d: The Web3 Security Report for Q2 and H1 2024 reports on the state of onchain security over the eventful second quarter and the first half of the year.
Hack3d reports are the most detailed and authoritative security reports in the industry, providing the Web3 community with the most comprehensive statistics on onchain hacks, scams, and exploits.
In Q2 2024, $688 million was lost across 184 onchain security incidents, a 37% increase in value lost compared to Q1 2024. Phishing accounted for $433 million of these losses, with private key compromises coming in second at $170 million. Ethereum was hit hardest, with 83 incidents causing $170 million in losses. Despite these breaches, $99 million was ultimately recovered, adjusting total losses to $589 million for the quarter.
Total losses in the first half of 2024 reached $1.19 billion across 408 incidents. Despite these losses, regulatory advancements such as the passage of the FIT21 bill in the U.S. and the approval of spot ETFs for Bitcoin and Ethereum indicate a maturing market poised for increased institutional participation. However, the substantial losses experienced in Q2 and H1 2024 highlight the ongoing challenges in achieving a secure and stable crypto ecosystem.
“Q2 2024 has been another eventful quarter for the blockchain security world,” said Prof. Ronghui Gu, co-founder of CertiK. “The increasing value lost to hacks and scams underscores the importance of continued vigilance and innovation when it comes to onchain security.”
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