Ronghui Gu, co-founder of CertiK, expressed concerns about the increasing complexity of private key compromises and phishing attacks in the first quarter of 2024.
CertiK’s quarterly security report, “Hack3d,” revealed a significant increase in losses attributed to private key compromises, reaching $239 million across 26 incidents. This marks a substantial rise compared to the same period in 2023, with losses totaling $18.8 million.
The report also highlighted the complexity of phishing attacks, with 83 incidents resulting in total losses of $64 million. Notably, 18 phishing incidents each caused over $1 million in losses.
Despite these challenges, Gu emphasized that the crypto community can enhance security by implementing multisig wallets and multi-party computation, which distribute authorization power and mitigate the risk of single-point failures.
Gu emphasized the importance of incorporating both Web2 and Web3 security practices to counter targeted and advanced attacks. This includes encrypting internal systems, implementing multi-factor authentication, conducting regular security audits, and educating employees about phishing and social engineering tactics.
Gu predicted that the trends observed in the first quarter are likely to continue throughout the year, driven by the recent market upswing. As the market grows, the incentive for cybercriminals to exploit vulnerabilities increases, necessitating proactive preparation for emerging attack vectors.
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