Cyber threat on the rise, according to CertiK's recent warning on phishing activities
The 2024 Hack3d Report, compiled by CertiK, paints a stark picture of the escalating cybercrime landscape within the Web3 ecosystem. The report highlights a significant increase in hacking, scam, and exploit cases, with 144 incidents reported in Q2 2024 alone [1][2][5].
The surge in cybercrime resulted in over $236 million in losses during Q2 2024, due primarily to code vulnerabilities and security gaps [2][5]. The financial impact of these incidents underscores the economic consequences of inadequate security in decentralized finance (DeFi) and related applications.
The report also reveals that phishing was the most costly attack vector in 2024, with over $1B stolen across 296 phishing attacks [1]. Furthermore, phishing tactics are expected to evolve further in 2025, potentially with the advancement of artificial intelligence.
Another key finding is that 78% of hacks in 2024 were caused by system access vulnerabilities [1]. This indicates a persistent issue with the security of smart contracts and decentralized platforms.
The compromise of private keys was the second most significant threat in 2024, resulting in over $855M being stolen [1]. North Korean hackers were also active, stealing cryptocurrencies worth at least $1.34B [1].
The total amount stolen across all incidents in 2024 was $2.36B, marking a 31.61% increase from the previous year [1]. The report also notes that at least three incidents in 2024 resulted in losses exceeding $100M [1].
The hack of Japanese crypto exchange DMM Bitcoin, which resulted in the withdrawal of 4502 BTC (worth $320M at the time), was one of the most notable incidents in 2024 [1]. This made it the second-largest loss in the country after the Coincheck hack.
Critical code vulnerabilities persist in the Web3 ecosystem, according to CertiK's annual report [1]. The outlook for 2025 emphasizes fortified, AI-powered security frameworks and a stronger focus on compliance to mitigate these threats as the ecosystem matures [1][2][5].
Beyond security, the report and related sources point to growing regulatory attention on crypto compliance (AML/KYC) and risk management, positioning cybersecurity as a pillar for mainstream adoption and trust in Web3 ecosystems [2][4].
For those interested in delving deeper into the 2024 Hack3d Report, the link can be found at Link. Additionally, Hacken specialists estimated that the total losses in the Web3 market for the past year exceeded $2.9B [1].
As the Web3 ecosystem continues to evolve, it is crucial for stakeholders to stay vigilant and prioritize security to protect their assets and maintain trust within the community.
[1] 2024 Hack3d Report by CertiK [2] Various sources on Web3 cybersecurity trends [3] Link - 2024 Hack3d Report [4] Various sources on crypto compliance and regulation [5] CertiK representatives
What could potentially make cybersecurity more challenging in 2025 is the advancement of artificial intelligence in phishing tactics? It's also important to note that technology, specifically code vulnerabilities and system access vulnerabilities, continue to pose significant threats to the Web3 ecosystem.
