In October 2024, CertiK Alerts, a leading cybersecurity firm, reported a rise in crypto security incidents, excluding phishing attacks. However, the financial damages were surprisingly low, totaling just $2.6 million—this was the lowest amount recorded so far this year.
While security incidents were higher than usual, exceeding the monthly average of 40 breaches in 2024, the overall financial losses were minimal. The $2.6 million in damages represents a sharp decline from previous months, suggesting a change in the nature of these attacks.
Of these threaded incidents, slightly over 17 were attributed to code weakness, which is way above the once-per-month figure. Although there was an increased risk of vulnerability exploitation, there were fewer cases of loss that equalled or exceeded $1 million.
This pattern is different from earlier months, when vulnerabilities often led to significant financial losses. It could indicate that attackers are either unable to exploit these weaknesses as effectively or have shifted their focus to smaller, less valuable targets.
Although the drop in losses is encouraging, the rise in vulnerability-related incidents highlights ongoing risks for the crypto industry. As 2024 draws to a close, crypto exchanges, DeFi platforms, and investors must remain cautious, as hackers continue to target the sector.
Prevention is Key
To protect against future breaches, the crypto industry needs to focus on improving security practices. Regular code audits, timely vulnerability checks, and proactive risk management can help reduce the frequency of incidents and keep financial losses low.
Despite the challenges, the future of crypto remains bright. By learning from past mistakes and embracing innovative security solutions, we can shape a safer and more prosperous future for the industry.
The Dogecoin price is once again at the center of crypto market attention. After a…
XRP has bounced back from the $3 support level and is now trading around $3.20.…
Maksym Sakharov, CEO of decentralized bank WeFi, says Japan’s slow and cautious regulatory process is…
A quiet $9 billion Bitcoin sale has now turned into a major controversy and it…
South Korea is racing to finalize a trade agreement with the U.S. before August 1,…
The Ethereum price is exchanging hands at $3740 with 24-hour volume of $32.74 billion, it…