News View Non-AMP

Crypto Security Crisis: 2024 Sees Surge in Private Key Hacks $730M Lost and Growing

Published by
Sohrab Khawas

The rising incidence of private key compromises (PKC) has caused a significant decline in the crypto industry in 2024. According to the report by CertiK alerts, this September was the 5th month this year with more than 10 reported cases, each exceeding $1 million. Four of these in September can be attributed to breaches in private keys but this area has been increasingly becoming sensitive.

Since the beginning of 2024 alone, the crypto space has faced 51 incidents that targeted private keys and as a result, $730 million were lost. This is almost twice as many as compared to the first half of 2023, which involved 31 PKC-connected events totalling almost $376m in losses. 

These continual spikings portray a growing level of advancements in attacks and thus a call for better defenses in the industry.

PKCs have remained one of the fastest-growing factors contributing to financial losses in the cryptocurrency environment ranking second to phishing, which remains the most prominent hacker tool. This raises a great threat to both individual and institutional investors based upon how easily such people can execute an exploit on portions of it that are poorly safeguarded. 

This type of attack is especially disastrous since poorly managed, or outright compromised, private keys provide direct access to users’ funds.

How can you as users protect your assets??

As the number of PKC incidents increased, the security of assets has become an important focus for crypto companies, using multi-signature wallets, key hardware management, and auditing. The industry is also experiencing calls for better practices in terms of user management of keys and effective safety measures against hacking.

Since private key compromises have overstated these losses, the crypto industry has to focus on developing security solutions to mitigate the increasing value at stake.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

Recent Posts

Pi Network News: Price Dips Ahead of 5M Token Unlock Today

Pi Coin is currently trading at $0.63, marking a 2% decline in the last 24…

April 22, 2025

Sui Price Prediction 2025, 2026 – 2030: SUI Price To Hit $10 This Year?

Story Highlights The live price of SUI crypto is . The SUI price is expected…

April 22, 2025

VeChain Price Prediction 2025, 2026 – 2030: Is VeChain Still a Good Investment?

Story Highlights The live price of the VeChain token is . The VET price could…

April 22, 2025

WazirX Eyes Comeback After $234M Hack, Awaits May 13 Court Verdict

WazirX, a major crypto exchange, is preparing to restart its operations after suffering a massive…

April 22, 2025

PEPE Price Prediction 2025, 2026 – 2030: Can Pepe Memecoin Reach 1 Cent?

Story Highlights The live price of the PEPE meme coin is . Pepe coin price…

April 22, 2025

15,000+ Solana Memecoins Launches Manipulated by Pump.Fun Sniper Wallets: Report

According to Pine Analytics Report over 15,000 Solana memecoin launches on Pump.fun have been manipulated…

April 22, 2025