Phishing and private key theft remain two of the most common forms of crypto scams, according to security experts at CertiK.
Phishing Attacks: Simple yet Effective
A CertiK spokesperson noted that phishing attacks are particularly effective because they target human vulnerabilities rather than technical ones. Attackers often create fake websites or impersonate well-known platforms to lure users into providing sensitive information. Since private keys grant full access to one’s crypto assets, losing them can be financially devastating.
Security Incidents Statistics in October
According to CertiK, 71 crypto-related security events were recorded in October, surpassing this year's average. Despite this, the number of incidents with losses above $1 million was the lowest in six months. Total losses from private key compromises were approximately $75 million, while losses from phishing scams accounted for approximately $50 million.
Reduction in Crypto Scam Losses
A report from TRM Labs indicated that in 2023, crypto projects lost about $1.7 billion to hacks and scams, which is significantly lower than the $4 billion stolen in 2022. CertiK estimates that losses in 2024 have already exceeded $2 billion, but without significant incidents in the remaining months, the year's total may be better than 2022.
Despite improvements in blockchain security, there remains much work to do in protecting users from phishing and key theft.
