Ethereum $ETH was attacked, with losses as high as $152 million!
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In 2024, the Web3 field faced ongoing phishing attacks, resulting in losses of $494 million, a year-on-year increase of 67%. These attacks primarily target decentralized users, and wallet-stealing malware has become more complex, bringing greater risks.
Although the number of victims increased by only 3.7%, the losses per attack have significantly risen. This year's largest single loss was $55.48 million, reflecting the severity of the attack threat. Ethereum was the hardest hit, suffering 25 major attacks with losses reaching $152 million. Other blockchains like Arbitrum, Blast, Base, and BNB Chain were also attacked, but none as severely as Ethereum.
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The losses in the first quarter of 2024 were the highest, reaching $187.2 million, affecting 175,000 victims. In March, due to the rise in Bitcoin prices, on-chain activity increased, resulting in losses of $75.2 million. Phishing attacks peaked in the second and third quarters, with losses of $55.48 million in August and $32.51 million in September, accounting for more than half of the major losses for the year. With improved security measures, losses in the last quarter of 2024 dropped to $51 million.
In 2024, attackers' strategies changed, particularly with wallet draining strategies. For example, large networks like Pink disappeared in the second quarter, while Inferno captured over 45% of the market share. Attackers utilized new bypass techniques, such as using wallet normalization processes and other full access signature permissions for theft, resulting in a loss of $55 million in DAI.
Despite the challenges in 2024, it also highlights the potential for improving security technologies. With advancements in security technology and increased user awareness, Web3 is expected to usher in a safer future. Developers, analysts, and users must collaborate to address evolving threats and ensure the safety of decentralized finance.
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