Cyber crime has been responsible for the losses of more than $1.1 billion in the form of cryptocurrencies during the initial six months of the year, a staggering amount indeed.
The losses include 408 on-chain safety breaches, with an average loss per case reaching $2.9 million. Most of the cases were attributed to phishing, aimed at Web3 users, accounting for 150 cases and a corresponding figure touching $497.7 million.
In cases related to private key weaknesses, there was the witnessing of 42 happenings, creating losses to the tune of $408.9 million. As per the market researchers, the top management of business houses should also be held responsible.
Some blockchains on the list include Ethereum and Bitcoin, along with others like Blast and Arbitrum.
In the case of Ethereum, it witnessed breaches numbering 222, creating a loss of $315 million, whereas Bitcoin came in for just a single breach, the figure being a massive 4,502.9 BTC, its total value being $304 million. This turned out to be the handiwork of DMM Bitcoin, a Japan based crypto exchange.
Where Blast was concerned, it went through seven breaches, collective losses amounting to $70.7 million, with Arbitrum coming up with 28 cases, the losses reaching $31 million. Decentralized finance (DeFi) platforms on Web3 are also being eyed by cyber breachers as areas that can bring big returns for them since they come with large amounts of crypto, which, for them, involves just a solitary attempt.
All said and done, the name of the game as of now is more safety aspects, the better for all, and prevention is better than cure.
