In the second quarter of 2024, the blockchain security firm CertiK revealed in its latest Web3 Report a staggering sum of **$688 million** lost due to 184 security breaches within the blockchain ecosystem. The report, titled “Hack3D: The Web3 Security Report,” indicates a significant 37% surge in financial losses from the previous quarter, despite an 18% reduction in the total number of incidents.
Phishing attacks were the primary culprits, leading to approximately **$433.7 million** in damages over 67 events. Additionally, 16 severe incidents involving private key security lapses accounted for a loss of **$170.1 million**.
Ethereum’s blockchain was the most affected, suffering 83 breaches, which is part of a broader trend that saw 222 attacks in the first half of 2024, resulting in close to **$15.5 million** in losses.
The report also shed light on the most significant security breaches of the quarter. Notably, a phishing scheme targeting the Japanese exchange DMM Bitcoin led to a massive **$305 million** deficit. Similarly, an intrusion into the Turkish platform BtcTurk saw the theft of **$54 million** in Avalanche tokens, which were later converted to Bitcoin.
Other security issues highlighted in the report include code vulnerabilities, which were exploited in 57 instances leading to **$37.37 million** in losses, and access control problems, which, although less frequent, resulted in **$7.51 million** in damages. Exit scams also made their mark, with 20 occurrences totaling **$10.31 million** in losses.
Following Ethereum, the BNB Chain experienced 44 security incidents, amounting to **$12 million** in losses. The report concludes by emphasizing that security challenges are widespread and not isolated to any single blockchain network.
For more detailed insights, follow the ongoing updates from CertiK on Google News.
