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Phishing attacks were the most costly attack vector for the crypto industry in 2024, netting attackers over $1 billion worth of stolen digital assets across 296 incidents, according to CertiK’s annual Web3 security report published on Jan. 2.
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“Phishing was the most costly attack vector last year,” a CertiK spokesperson told Cointelegraph. “Our figures are conservative, the actual figure is higher when you consider unreported incidents and other types of phishing scams like pig butchering.”
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Out of the 296 phishing incidents in 2024, at least three resulted in losses exceeding $100 million, highlighting the scale of damage possible.
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ariam6551
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Private key compromises were the second-largest threat after phishing scams, resulting in over $855 million worth of stolen crypto across 65 incidents in 2024.
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BlackRock’s iShares Bitcoin Trust (IBIT) has just recorded its largest outflow since it launched a year ago — as United States trading resumed on Jan. 2.
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It is the largest ever outflow since the product launched in January 2024, eclipsing the previous record of $188.7 million on Dec. 24, according to Farside Investors.
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The move follows a market closure on New Year’s Day but marks the third consecutive trading day of outflows for the BTC investment product, which is another record. Over the past week, BlackRock’s iShares Bitcoin Trust has seen $392.6 million in outflows.
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Terraform Labs co-founder Do Kwon appeared before a New York magistrate on Jan. 2, less than a week after being extradited to the United States to face criminal charges for his role in the Terra ecosystem collapse.
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Appearing before US Magistrate Judge Robert Lehrburger, Kwon pleaded not guilty to nine charges, including securities fraud, wire fraud, money laundering and commodities fraud. A status conference is scheduled for Jan. 8, allowing for the defense and prosecution to share evidence.
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Kwon was apprehended in Montenegro in 2023 after authorities arrested him for using falsified travel documents. He was sentenced to four months in prison but remained in custody for much longer as courts tussled over his extradition destination.
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Kwon was apprehended in Montenegro in 2023 after authorities arrested him for using falsified travel documents. He was sentenced to four months in prison but remained in custody for much longer as courts tussled over his extradition destination.
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Storm is also charged with conspiring to operate an unlicensed money-transmitting business and money laundering conspiracy. He said that this, too, should be scrapped.
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He argued that “Tornado Cash is not a financial institution” and that “there could be no agreement to commit money laundering because the Tornado Cash protocol became immutable in May 2020, four months before the alleged start of the conspiracy.”
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This price action drew considerable backlash from investors on social media, who characterized the launch as a classic pump-and-dump scheme after the price of the memecoin collapsed.
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Investors filed a lawsuit against several entities involved in the launch of the Hawk Tuah (HAWK) memecoin on Dec. 19, alleging that the defendants engaged in the promotion and sale of an unregistered securities offering.
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The US charged Storm and fellow co-founder Roman Semenov in August 2023, accusing them of helping launder over $1 billion in crypto through Tornado Cash, including for the North Korean-linked hacking collective the Lazarus Group.
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The Hawk Tuah memecoin surged to a market capitalization of approximately $491 million hours after its launch but plummeted by more than 90% immediately afterward.
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According to the legal filing, the defendants named in the lawsuit include the Tuah The Moon Foundation, OverHere Ltd, Clinton So, and Alex Larson Schultz — who allegedly promoted the memecoin. Attorneys for the plaintiffs wrote:
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Haliey Welch, the social media influencer who the memecoin was based on, denied allegations of insider trading by her or her team.
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Popular YouTuber “Coffeezilla” took to social media to dispel rumors about the HAWK launch.
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