Cybersecurity firm SlowMist's investigative branch, MisTrack, has identified private key leaks as the primary cause of crypto thefts in Q2 2024. The report noted that users often stored their private keys or mnemonic phrases in cloud storage services, inadvertently amplifying the risk of information theft. Some users even shared their keys with trusted friends via tools like WeChat, further escalating the risk.

SlowMist found that cybercriminals often use "credential stuffing" techniques, where they attempt to access accounts using leaked login information from online sources. Once successful, they can easily locate and extract crypto-related data. Fake wallets and phishing schemes were also significant contributors to private key leaks.

In Q2, the Binance Smart Chain (BSC) experienced numerous honeypot schemes, where digital currencies appear promising but are impossible to sell after purchase. Scammers created an illusion of broad participation by circulating these tokens among various accounts and exchanges, resulting in inflated trading figures. Despite these challenges, the market remains optimistic, with robust security measures and user education being key to mitigating such risks.