Blockchain security firm CertiK has warned crypto investors about the rising threat of phishing scams, which have emerged as the most significant security risk of 2024. Phishing attacks involve hackers disseminating fraudulent links to steal sensitive information, such as private keys. In 2024, these scams accounted for over $1 billion in losses across 296 incidents, making them the most financially damaging attack vector. At least three phishing incidents resulted in losses exceeding $100 million each. One major attack in May involved a significant loss due to address-poisoning tactics. Private key compromises were the second-largest threat, costing over $855 million in 65 incidents. CertiK predicts that phishing tactics will evolve with advancements in AI. Despite the alarming number of phishing scams, overall crypto hacks decreased by 52% compared to 2022. The industry is proactively addressing these challenges, with initiatives like the Security Alliance receiving considerable support to combat the surge in scams.

Source 🔗