- 2024 Q1 experienced a total loss of $502 million in 223 onchain security hacks.
- Private key compromises alone resulted in a loss of $239 million, constituting more than half of the losses.
- CertiK co-founder Ronghui Gu suggests that the community implement multisig wallets and multiparty computation to enhance security.
In the ever-evolving crypto and blockchain sectors, security hacks and exploits remain a major threat. Recently, blockchain security firm CertiK released its quarterly “Hack3d” security report, revealing a substantial loss of $502,522,934 in a total of 223 onchain security incidents.
Certik co-founder Ronghui Gu commented on the prevailing concerns about the complexity of private key compromises and phishing attacks. According to the report, in 2024’s Q1, the private key compromises alone have resulted in a massive loss of $239,037,879 in just 26 incidents. The loss in private key compromises represents nearly half of all the reported financial losses in Q1, though the number of attacks marked only 11.7% of the total security hacks.
Gu spotted that the loss has significantl…
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