The first quarter of 2024 witnessed a significant financial loss of over $502 million due to 223 onchain security incidents, as per CertiK's latest "Hack3d" security report. Out of this amount, private key compromises accounted for $239 million, which was more than half of the total losses recorded during this period.

Suggestions put forth by CertiK co-founder Ronghui Gu include the adoption of multisig wallets and multiparty computation within the community to strengthen security measures.