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Certik's Q1 2024 Security Report

by Shieldeum on

The first quarter of 2024 witnessed a staggering surge in cryptocurrency theft, as highlighted in Certik's latest security report. With losses totaling over $502 million across 223 on-chain security incidents, the need for robust protection against such threats has never been more critical. In this evolving landscape, Shieldeum stands at the forefront, offering unparalleled security solutions tailored for the Web3 era.

Certik's Security Report Insights

Certik's report reveals alarming statistics: a 54% increase in value lost compared to the previous year, with private key compromises emerging as the most costly attack vector. These breaches, which accounted for nearly half of all financial losses, saw a dramatic surge in Q1 2024. One notable incident involved Chris Larsen, co-founder of Ripple, who suffered a loss of $112 million due to the compromise of his personal private keys.

Highlights from the report, it is important to understand that this data is from the larger publicly reported incident, the majority of crypto stolen is from unreported incidents!

  • A total of $502,522,934 was lost across 223 onchain security incidents in Q1 2024.
  • This represents a 54% increase in value lost compared to Q1 of 2023’s total of $326 million, though a minor 3.8% decrease from Q4’s losses of $522 million.
  • January was the most costly month of the quarter, with $193,132,537 lost in 78 onchain security incidents.
  • Private key compromises were once again the most costly attack vector, with $239,037,879 lost in just 26 incidents. This again represents nearly half of all financial losses, though key compromises accounted for just 11.7% of all security incidents.
  • Ethereum experienced the highest number of security incidents, with a total of 131 hacks, scams, and exploits leading to $139 million in losses.

Shieldeum's Response: The Encrypted Private Network (EPN)

At Shieldeum, we recognize the urgency of addressing such security threats head-on. That's why we're proud to introduce our latest innovation: the Encrypted Private Network (EPN). Specifically designed for the challenges of the Web3 era, EPN combines the trusted privacy features of a Virtual Private Network (VPN) with cutting-edge protections against the unique threats posed by decentralized networks.

How Shieldeum's EPN Protects Against Cryptocurrency Theft

Enhanced Security:

  • Block Web3 Phishing Sites: Shieldeum's EPN employs advanced algorithms to detect and block fraudulent attempts to steal cryptocurrency and personal information through phishing sites.

  • Malicious Site Blocking: With over 10,000 malicious sites preemptively blocked, our EPN shields users from a wide array of online threats, including those highlighted in Certik's report.

Cutting-Edge Technology:

  • Web3 Native: Our EPN is intricately woven into the fabric of Web3, ensuring seamless integration with decentralized networks while providing robust security measures.

  • Partnerships for Superior Security: By collaborating with industry-leading security partners, Shieldeum ensures continuous monitoring and swift responses to emerging threats, safeguarding users' assets and data.

Real-time Threat Detection:

  • Proactive Monitoring: Shieldeum's EPN employs state-of-the-art threat detection mechanisms to scan for and neutralize potential risks in real-time, offering users peace of mind as they navigate the Web3 landscape.

Privacy Assurance:

  • Robust Encryption: All online activities conducted through Shieldeum's EPN are encrypted with the highest standards of security, protecting sensitive information from unauthorized access and cyberattacks.

  • Anonymous Browsing: By masking users' IP addresses, our EPN ensures their online activities remain private and anonymous, thwarting attempts to trace or monitor their digital footprint.

Conclusion

As the cryptocurrency ecosystem continues to evolve, so too do the threats it faces. Certik's Q1 2024 security report serves as a stark reminder of the importance of robust security measures in safeguarding digital assets and personal information. With Shieldeum's Encrypted Private Network (EPN), users can navigate the Web3 landscape with confidence, knowing that their security and privacy are our top priorities. Embrace the future of online security with Shieldeum and experience the freedom to explore, innovate, and thrive in the decentralized world, protected from the threats outlined in Certik's report.

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