2024

Bitcoin

when

Today on July 3, 2024, a report published by security firm CertiK gained massive attention from the cryptocurrency community. According to the report, the overall cryptocurrency market lost over $1.19 billion worth of assets to on-chain security incidents in the first half of 2024. However, the majority of losses were due to the phishing attack and the compromises of private keys. Crypto market lost $1.2 billion of assets&nbsp; 
As per thereport, on the first of 2024, the losses caused by phishing reached the highest level accounting for $498 million alone. Following this report, Ronghu Gu, co-founder of CertiK highlighted the critical need for improved security measures.&nbsp; Gu also stated that “All wallets with significant funds should be interacted with using a hardware wallet or similarly secure and well-designed key management solution.” 
Additionally, the co-founder expressed his views on security measures and highlighted the importance of multifactor authentication, such as two-factor authentication (2FA) and “security keys.” As the market is rapidly evolving and with many developments occurring day by day, this massive loss in just six months is causing concern among the community. Biggest security incident of 2024 
Among all these attacks and security breaches in 2024, the DMM Bitcoin attack was the one of biggest causing a loss of $304 million and joining the list of top hacks in history. Whereas, other security incidents in 2024, including the security breaches at<a href="https://news.todayq.com/japanese-crypto-exchange-dmm-reports-304-7-mln-security-breach/" rel="noopener noreferrer nofollow"> Japanese crypto exchanges</a> that caused a loss of over 4502 Bitcoin and Trukish crypto exchange BtcTurk, lost $90 million of assets from its hot wallet.
However, the worst month where the security incidents reached their peak level was in May 2024, when crypto hackers stole $385 million of assets. Whereas, in June 2024, this crypto crypto losses were dropped by $54.2%. According to a security firm PeckShield Alert, in June 2024, hackers stole nearly $176.2 million worth of crypto.
Besides all these security incidents and recent updates, currently, the market is struggling to gain momentum. Top assets including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB (BNB) have experienced a price drop of over 3%, 3.5%, 4.5%, and 3.2% respectively in the last 24 hours.

$1.2 billion of crypto loss in six months, Will it control or not?

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