Crypto Security Crisis: 2024 Sees Surge in Private Key Hacks $730M Lost and Growing
The post Crypto Security Crisis: 2024 Sees Surge in Private Key Hacks $730M Lost and Growing appeared first on Coinpedia Fintech News
The rising incidence of private key compromises (PKC) has caused a significant decline in the crypto industry in 2024. According to the report by CertiK alerts, this September was the 5th month this year with more than 10 reported cases, each exceeding $1 million. Four of these in September can be attributed to breaches in private keys but this area has been increasingly becoming sensitive.
Since the beginning of 2024 alone, the crypto space has faced 51 incidents that targeted private keys and as a result, $730 million were lost. This is almost twice as many as compared to the first half of 2023, which involved 31 PKC-connected events totalling almost $376m in losses.
These continual spikings portray a growing level of advancements in attacks and thus a call for better defences in the industry.
