In 2024, cryptocurrency hackers stole $2.3 billion from the Web3 ecosystem, marking a 40% increase from the previous year. Access control vulnerabilities played a major role in this increase.
Increase in Crypto Market Attacks
According to Cyvers, a blockchain security company, the increase in attacks was driven by breaches in access control systems, particularly at centralized exchanges and crypto custodians. In 2024, 165 incidents were recorded where hackers managed to steal significant amounts from decentralized systems.
Access Control Vulnerabilities
Access control vulnerabilities accounted for $1.9 billion of the stolen value, over 81% of the total amount lost across 67 cybersecurity incidents. Deddy Lavid, co-founder and CEO of Cyvers, noted that the surge in hacker attacks was facilitated by compromised private keys and weak key management in centralized systems. These incidents often occurred due to compromised private keys and weak key management systems, highlighted by high-profile multi-signature wallet hacks.
Measures to Prevent Hacks
To prevent further multi-billion dollar hacks, improved security measures including private key management with offline storage and real-time threat monitoring systems are necessary. Lavid recommends focusing on education, collaboration, and security innovation to significantly reduce these vulnerabilities and foster a safer Web3 ecosystem: "By prioritizing education, collaboration, and security innovation, we can significantly reduce these vulnerabilities."
While the $2.3 billion stolen in 2024 is significant, it is still 37% lower than the record $3.78 billion stolen in 2022. As new challenges and threats emerge in the cryptocurrency domain, experts continue to advocate for improvements in security systems and key management to ensure the safety of the Web3 ecosystem going forward.
