$1.19 Billion Lost to Onchain Security Breaches in First Half of 2024

The latest CertiK Web3 Security Report reveals that onchain security incidents resulted in $1.19 billion in losses during the first half of 2024, highlighting the urgent need for enhanced security measures. The report indicates that phishing attacks and private key compromises were the primary causes, with phishing attacks alone causing nearly $498 million in losses. In a written Q&A with Cointelegraph, CertiK co-founder Ronghu Gu emphasized the importance of multifactor authentication, such as two-factor authentication (2FA) and “security keys.” He stated, “All wallets with significant funds should be interacted with using a hardware wallet or similarly secure and well-designed key