In 2024, phishing assaults cost the cryptocurrency sector more than $1 billion in 296 instances, making them the most expensive attack vector.
Blockchain security company CertiK cautioned investors about the growing danger of phishing scams, named the most significant security risk of 2024.
In cryptophishing assaults, hackers send victims phony links to obtain private keys to crypto wallets and other sensitive data.
According to CertiK’s annual Web3 security report released on January 2, phishing assaults were the most expensive attack vector for the cryptocurrency industry in 2024, resulting in over $1 billion worth of digital assets being stolen in over 296 cases.
“Phishing was the most expensive attack vector last year,” a CertiK representative said. “The real number is higher when you consider unreported incidents and other phishing scams like pig butchering; our figures are conservative.”
At least three of the 296 phishing attacks in 2024 caused losses of more than $100 million, demonstrating the extent of the potential harm.
Due to an address-poisoning incident in May, which entails deceiving victims into sending their digital assets to fictitious addresses owned by criminals, a trader lost $68 million in cryptocurrency in a single transaction.
Nevertheless, after ten days, the unidentified attacker fortunately returned all of the stolen money, most likely due to pressure from increased attention from blockchain security companies.
In 2024, the sector lost about $855m worth of crypto due to private key compromises.
Over $855 million worth of cryptocurrency was stolen in 65 instances in 2024 due to private key hacks, the second-largest threat after phishing attacks.
“In 2025, phishing techniques will undoubtedly change, particularly as AI advances,” a CertiK representative continued.
According to CertiK’s analysis, the annual number of hacks was 52% lower than the $3.5 billion in 2022, despite the growing threat of phishing scams.
Participants in the industry are already taking precautions against phishing attempts.
Since its start in August 2023, Security Alliance, an anti-hack response squad headed by Paradigm researcher and white-hat hacker Samczsun, has received more than 900 tickets about hacks.
Crypto scammers are also a problem for the biggest exchange in the world. The security specialists at Binance have created an “antidote” to combat the rising number of address poisoning frauds.
According to a report released by onchain security firm Covers, in addition to phishing attacks, cryptocurrency hacks cost the sector over $2.3 billion in 2024, a 40% rise over the $1.69 billion in value that hackers took the year before.
