đCertiK's Web3 Security Report reveals a whopping $1.19 billion lost to onchain security incidents in H1 2024. Phishing attacks and private key compromises are the main culprits, with phishing alone causing nearly $498 million in losses. đ±
đCertiK co-founder Ronghu Gu advises using multifactor authentication, like 2FA and security keys. The DMM Bitcoin attack in Q2 2024 is the most significant breach, causing a $304 million loss.
đ„Other notable incidents include a cyberattack on Turkish crypto exchange BtcTurk, resulting in a $90 million loss. Gu emphasizes the need for proactive measures and a reactive response team.
đșđžIn response, the US introduced the FIT21 regulatory framework bill, aiming to enhance consumer protections and support crypto innovation. It's expected to create a safer environment for digital assets and attract more institutional investors.
đDespite the grim findings, Gu says the trend isn't pointing downward. Crypto hacks decreased by 54.2% in June, with losses down to $176.2 million from $385 million in May.
đĄïžGu advises simple measures like implementing 2FA to protect yourself. What are your thoughts on these security incidents and the FIT21 bill? Let's discuss in the comments! đ #DeFi #Web3 #CryptoSecurity