According to cybersecurity firm Hacken's 2024 Web3 Security Report, around $1.7 billion worth of crypto assets were lost due to the theft of private keys. The report highlights that the theft of private keys remains the most significant threat to crypto investors, far outweighing the number of smart contract exploits. Access control exploits, closely linked to private key compromises, accounted for the majority of crypto hack losses in 2024. Hacken identifies four main reasons behind private key theft, including using insecure management platforms, falling victim to social engineering campaigns, insecure backups of data, and vulnerabilities within single-signature schemes of crypto wallets. The largest exploit noted in the report was the hack of WazirX, an Indian crypto exchange, which saw over $230 million of digital assets stolen.



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