🔒CertiK'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. 😱

🔑CertiK 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.

🔥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.

🇺🇸In 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.

📉Despite 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.

🛡️Gu 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! 👇 #DeFi #Web3 #CryptoSecurity