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Vince Quill
5 hours ago


GERMANY’S INFORMATION SECURITY OFFICE CHAMPIONS HARDWARE WALLETS

According to a recent Chainalysis report, thefts resulting from crypto hacks and
exploits have totaled $1.58 billion in 2024.

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In an Aug. 16 LinkedIn post, Germany’s Federal Office for Information Security,
also known as BSI, explained the best practices for crypto storage and
ultimately told users that a crypto hardware wallet was the most secure way to
store private keys.

The post began with exchange-linked wallets, also known as “hot” wallets, and
explained that while keeping crypto in an exchange wallet may be convenient for
the end-user, it is also the least secure way of storing keys. This is because
these wallets are always connected to the internet, creating an attractive
target for hackers.

Next were self-custodial wallets on a user’s computer or smartphone. While this
colder storage method is safer than keeping crypto on exchanges and allows users
to control their keys, self-custodial wallet applications still suffer from
“security gaps,” according to the BSI.

Source: BSI LinkedIn page

Once again, the main attack vector for these wallets is the internet, where
hackers can download malicious programs to the computer or the smartphone where
the application is installed and steal the user’s private keys.

The post concluded by noting that hardware wallets were “secure and protected by
PIN,” before also advising users to create backups of their seed phrases or
private keys and store those copies in a safe place.

Related: Ronin Network exploited for $9.8M in ETH, white hat hacker suspected


CRYPTO HACKS ON THE RISE IN 2024

According to a 2024 Chainalysis crypto crime update, hacks rose by 2.8% compared
to a year earlier. However, due to increased digital asset prices in 2024, the
total value stolen rose by 84.4%.

A month-by-month comparison of hacking activity of 2023 and 2024. Source:
Chainalysis

Cybersecurity firm Halborn recently told Cointelegraph that private key exploits
accounted for 52.2% of hacks in 2024 and represented 57.5% of the value stolen
from the 100 largest decentralized finance hacks.


SEVERAL HIGH-PROFILE ATTACKS IMPACT CRYPTO IN JULY

In July, funds stolen via cryptocurrency hacks totaled $266 million, mostly
attributable to the hack of a popular Indian crypto exchange WazirX.

Malicious actors believed to be linked to North Korea’s Lazarus hacking group
breached WazirX’s multisignature wallet and stole $235 million from the
exchange.

The Casper Network was also forced to halt operations on July 31 after an
exploit tainted two blocks. The network’s validators later removed them in a
reboot and synchronized upgrade of the node software. At the time of this
writing, the incident has been resolved.

Magazine: Backlash as WazirX ‘socializes’ $235M loss, $10B metaverse plan for
shut-ins: Asia Express

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Wednesdays
Subscribe

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