According to Ronghui Gu, co-founder of blockchain security firm CertiK, the first quarter of 2024 has seen a relatively typical number of hacks and exploits. However, Gu expressed concern about the increasing complexity of private key compromises and phishing attacks.
In CertiK’s quarterly security report, titled “Hack3d,” it was revealed that losses from private key compromises have significantly increased compared to the first quarter of 2023. There were only 26 incidents, but the losses reached $239 million.
This quarter saw a 1,171% increase in losses caused by compromised private keys compared to the same period last year, when losses were only around $18.8 million.
In addition to private key compromises, there were 83 incidents attributed to phishing attacks, resulting in total losses of $64 million. Gu emphasized that the complexity of these attacks is also worrisome.
Despite these ongoing risks, Gu believes that the crypto community is not helpless. He suggests implementing multisig wallets and multi-party computation to enhance security. These techniques ensure that no single entity has complete control over the assets, making it more difficult for attackers to gain access to private keys.
Gu also stated that countering targeted and advanced attacks requires incorporating both Web2 and Web3 security practices. This includes encrypting internal systems, implementing multi-factor authentication, and conducting regular security audits.
Furthermore, Gu emphasized the importance of educating employees to combat security attacks. By keeping team members informed about the latest phishing and social engineering tactics, the risk of compromises can be significantly reduced.
Looking ahead, Gu predicts that the trends observed in the first quarter will continue throughout the year. As the market grows, the incentive for cybercriminals to exploit vulnerabilities also increases. Gu believes that proactive preparation for new and innovative attack vectors is necessary in order to stay ahead of the escalating sophistication of attacks.
In other news, Ava, a Web3 gamer, expressed dissatisfaction with Web3 gaming, stating that it “sucks.” Meanwhile, the game Bitcoin Miner reportedly has 2 million players, but they only make 13 cents.