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The 2024 Web3 Security Report by cybersecurity firm Hacken reveals that the theft of private keys poses the most significant threat to cryptocurrency investors. The report highlights that in 2024, losses due to private key theft amounted to $1.7 billion in cryptocurrency assets.
Increase in Private Key Theft
Hacken points out that private key theft is far more prevalent compared to smart contract attacks. In 2024, incidents related to private keys accounted for nearly two-thirds of total cryptocurrency theft losses, an increase from 50% in 2023.
The primary causes of private key theft include the use of insecure management platforms, falling prey to social engineering campaigns, unsafe data backups, and vulnerabilities in single-signature cryptocurrency wallets.
Largest Attack: WazirX Hack
According to the report, the most significant attack in 2024 was a hack on the Indian centralized cryptocurrency exchange WazirX. This attack resulted in the theft of digital assets worth $230 million. Despite WazirX utilizing a six-signature Gnosis Safe multi-signature wallet, the attacker manipulated the system to obtain the necessary signatures and steal the funds.
“WazirX suffered a breach due to unauthorized fund movements despite using a robust multi-security system,” said Hacken.
Private keys are sequences of letters, words, and numbers created by cryptocurrency wallets to authorize transactions and prove ownership. They protect data and assets by encrypting them to prevent theft.
Hacken recommends that cryptocurrency investors exercise greater caution in private key management and enhance security measures. Raising awareness against social engineering attacks is also emphasized as a crucial step.
Future Preventive Measures
Industry experts suggest broadening the use of multi-signature wallets to ensure private key security and encouraging users to adopt secure backup methods. Additionally, continuous auditing and updating of security vulnerabilities are deemed critical.
In conclusion, private key theft stands out as the largest threat in the cryptocurrency space for 2024. Investors must take necessary precautions to secure their assets and adhere to continuously updated security protocols.
