The number of attacks by cryptocurrency hackers has increased by 666%

PeckShield analysts reported an increase in the number of hacker attacks. In May, criminals stole at least $ 575 million. The losses exceeded the figures of May 2023 by 666%.

Losses from hacking attempts in January-March 2024 increased by 42% compared to the first quarter of 2023. Fraudsters are quickly adapting and increasingly changing methods of stealing funds, choosing the most vulnerable platforms and cryptocurrency wallets of customers, PeckShield experts explained.

The analysts emphasized that hackers are abandoning the search for vulnerabilities in smart contracts and focusing on phishing attacks and stealing users' private keys.

Criminals have been distancing themselves from hacking smart contracts for a long time. In 2023, losses from such attacks decreased by 92% compared to 2022: from $ 2.6 billion to $ 179 million. Currently, the main problem is the leakage of private keys, and the increased activity of hackers is caused by a bullish trend in the cryptocurrency market, as the increase in asset value leads to an increase in the possible benefits in case of successful hacking, PeckShield summarized.

In March, PeckShield managed to recover about $ 100 million in cryptocurrency stolen as a result of a series of hacker attacks. More than 30 security breaches occurred during the month, resulting in a staggering total loss of $ 187 million in digital currencies. Nevertheless, PeckShield’s diligent work contributed to the recovery of 52.8% of the stolen funds, totaling $ 98.8 million.