Cryptocurrency Safety in 2024: SlowMist Q2 Evaluation and Key Takeaways

• SlowMist helped freeze $20.66 million in stolen funds throughout 13 platforms in Q2 2024.
• Leaks of personal keys, usually as a result of improper storage in cloud companies, have been the main explanation for theft in Q2 2024.
• In Q2 2024, phishing assaults utilizing faux Twitter accounts and feedback below well-liked tweets have been prevalent.

Blockchain safety agency SlowMist has launched its Q2 2024 evaluation detailing cryptocurrency theft traits. The agency obtained 467 stolen fund experiences, together with 146 from worldwide sources and 321 from home sources. Solely primarily based on the types submitted, the SlowMist crew supplied victims with free evaluations.

In Q2 2024, SlowMist's efforts resulted within the freezing of roughly $20.66 million in stolen funds throughout 13 platforms, serving to 18 victims. The first causes of those thefts have been personal key leaks and phishing assaults.

Leaks of personal keys have emerged as a serious vulnerability, as customers usually retailer their keys or mnemonic phrases in cloud companies reminiscent of Google Docs and Tencent Docs, and even share them by way of messaging apps reminiscent of WeChat. Hackers exploited these practices and used “credential stuffing” methods to achieve entry to cloud companies with leaked credentials, thus simply stealing cryptographic data.

Phishing assaults additionally contributed to quite a few thefts in Q2 2024. Fraudsters impersonated customer support brokers to trick victims into revealing their mnemonic phrases, or used phishing hyperlinks on platforms like Discord to acquire personal key data. Faux wallets posed one other risk, the place customers unwittingly downloaded malicious pockets apps by way of search engine advertisements or third-party web sites.

Evaluation revealed that roughly 80% of the primary feedback below tweets from distinguished venture accounts have been phishing scams. Fraudsters have bought Twitter accounts with a longtime follower depend and put up historical past to make them seem legit, then posted phishing hyperlinks to trick customers.

Honeypot scams have been additionally prevalent in Q2 2024, luring traders with enticing prospects however stopping them from promoting the bought tokens. Many honeypot incidents have occurred on the Binance Good Chain (BSC), the place fraudsters have created tokens with faux buying and selling exercise to simulate widespread participation.

SlowMist continues to supply free neighborhood help companies for evaluating stolen cryptocurrency instances. With in depth anti-money laundering expertise and complete investigative instruments, the agency goals to enhance the safety of digital property and promote a more healthy cryptocurrency ecosystem.