New data from cybersecurity firm Hacken shows that $1.7 billion worth of crypto assets were lost due to private key theft in 2024.
In its 2024 Web3 Security Report, Hacken says crypto private key theft remains the “biggest” threat to crypto investors.
According to Hacken, the number of smart contract exploits pales in comparison to how often private crypto keys are stolen.
“In 2024, access control exploits – which are closely linked to private key compromise – accounted for the majority of total crypto hack losses, up from 50% in 2023.
That’s nearly equivalent to a loss at Web3, up sharply from less than $1 billion a year ago. 75% $1.7 billion In comparison, vulnerability exploits in smart contracts contributed just 14% of total losses in 2024, underscoring the prevailing threat of unauthorized access and private key theft.”
Private keys are strings of letters, words, and numbers generated by crypto wallets that are used to authorize transactions and prove ownership. They help encrypt data and assets to protect them from theft.
The cybersecurity company goes on to give four reasons why people tend to protect their privacy…
