A concerning statistic for the digital asset sector is crypto hacks leading to $750 million in funds stolen in Q3 of this year. Moreover, that is up 9.5% from a year prior, despite the number of total cryptocurrency hacks declining from a year ago, with only 155 thefts taking place in the third quarter.
An October 1st report from CertiK, shows that security remains a prime concern for the digital asset market. The total number of incidents is on the downturn, with the value in money stolen skyrocketing, signaling a potential trajectory in what direction crypto security has to next.
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Crypto Hacks Drop in 2024, as Value Stolen Skyrockets Almost 10% in Q3 2024
As with any financial endeavor, but especially a digitized one, security remains a prime concern. The sector has continued to focus on ways to protect investors funds, and keep these kinds of hacks from happening. Although that has proven to be massively successful, it hasn’t been flawless
According to a CertiK report, crypto hacks in Q3 2024 have seen more than $750 million in funds stolen. That figure is up from a year ago, although it took place in only 155 instances. This shows a disproportionate connection to value per theft that has been common for the sector.
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The report notes Ethereum had the most security incidents. It saw 86 different exploits take place, collectively costing more than $387 million. Moreover, the largest hack took place in August. More than 4,000 BTC were stolen from a notable Bitcoin whale. Altogether, more than $238 million worth of the leading crypto was stolen.
To date, crypto hackers have stolen almost $2 billion as of 2024. In Q1 of this year, those thefts resulted in $505 million being stolen, with $687 million stolen in Q2. Even more disconcerting, recovery of stolen funds had dropped, CertiK reports. Only 4.1% was recovered, down from 14.4% a quarter earlier.