Certik: Phishing Scams Took Over Crypto in 2024 - Click Digital Marketing Company

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Phishing caused $1 billion in crypto losses this year.
Private key theft highlighted serious gaps in security.
Crypto’s growth shows promise but faces big risks.

Table of Contents

1. Crypto’s Rapid Rise and Big Challenges

The crypto world grew fast in 2024. Traditional finance embraced blockchain technology. More companies and users joined Web3.

But this growth brought serious challenges. Phishing scams emerged as the top threat. They caused huge losses and eroded trust.

Phishing didn’t just target platforms. It also preyed on individuals. This problem shook the crypto industry deeply.

2. Phishing: Crypto’s Biggest Threat

Phishing scams dominated 2024’s security landscape. CertiK, a blockchain security firm, shared shocking numbers. Phishing caused over $1 billion in losses.

Nearly half of all stolen funds came from phishing. CertiK recorded 296 phishing attacks. Three caused losses above $100 million each.

Incidents & Losses in 2024. Source: Certik

These numbers are just the tip of the iceberg. Many phishing cases remain unreported. Attackers also used creative and new tactics.

Phishing isn’t about hacking systems alone. It targets human weaknesses. Scammers use fake sites, messages, or emails. Victims unknowingly share private keys or passwords.

Once funds are stolen, recovery is almost impossible. Blockchain transactions can’t be reversed. This makes phishing especially dangerous.

3. New Phishing Tricks in 2024.

Phishing scams evolved rapidly this year. Attackers found smarter ways to trick victims.

Here are the top phishing tactics of 2024:

Fake Platforms: Attackers imitated trusted exchanges and wallets. Users clicked harmful links unknowingly.
Mobile Wallet Phishing: Scammers posed as legitimate dApps. They tricked users into approving harmful transactions.
Ice Phishing: Attackers didn’t steal keys directly. They tricked users into approving fund transfers.
Address Poisoning: Attackers inserted fake addresses into transaction histories. Victims copied these fake addresses by mistake.

Several incidents in 2024 shocked the crypto world.

In May, a trader lost $68 million. The scammer used address poisoning to steal funds. Intense pressure made the attacker return the money.

Another huge case occurred in August. A Genesis creditor lost $243 million. Scammers posed as Google and Gemini staff. They manipulated the victim into resetting two-factor authentication.

The attackers also accessed the victim’s private keys. This incident showed the risks of weak personal security.

4. Key Numbers from CertiK’s Report

CertiK’s 2024 report revealed the scale of crypto’s security challenges.

Metric	Value	Notes
Total stolen funds.	$2.36 billion	A massive impact on the industry.
Phishing losses.	$1.05 billion	The top attack method of the year.
Private key theft.	$855 million	Highlighted weak user security.
Security incidents.	760	Showed high activity by attackers.
Ethereum losses.	$748.7 million	Ethereum was the most targeted chain.
Bitcoin losses	$542.7 million	Bitcoin still a major target.
Cross-chain losses	$435 million	Attackers targeted multiple blockchains.
Worst month	May ($444 million)	A particularly tough time for users.

Ethereum saw the most attacks in 2024. Its popularity made it a prime target. Cross-chain attacks also increased. They showed attackers’ growing skills and ambitions.

Comparing to Past Years.

Crypto losses in 2024 were lower than in 2021 and 2022. However, they were still alarmingly high.

CertiK found a connection between Total Value Locked (TVL) and attack risks. As TVL grew, so did the number of attacks. But TVL isn’t the only factor driving these risks.

Hackers used advanced tactics like social engineering. Many platforms had weak security protocols. Centralized systems became prime targets for attackers.