Summary
TLDR: In the first quarter of 2024, cybercriminals stole $502.52 million through 223 onchain security incidents in the digital currency sector. Tactics used included private key compromises, exit scams, and phishing. Ethereum was the most affected platform, with notable incidents involving Chris Larsen’s XRP wallets and the Munchables hack. It is crucial to address vulnerabilities in the crypto ecosystem to prevent further losses.
Key Points
1. The first quarter of 2024 saw a significant increase in onchain security incidents in the digital currency sector, resulting in a total loss of $502.52 million through 223 incidents.
2. Private key compromises were the primary method of theft, accounting for nearly half of the total financial losses, with exit scams, phishing, vulnerabilities in code, and flash loan attacks also contributing to substantial losses.
3. Ethereum was the most affected platform, experiencing 131 incidents that led to $139 million in losses, with notable breaches involving Ripple’s co-founder, Chris Larsen, and the Munchables hack.