PeckShield analysts report an increase in the number of hacker attacks. In May, criminals stole at least $575 million. Losses exceeded the May 2023 figures by 666%.

Losses from hacking for January-March 2024 increased by 42% compared to the first quarter of 2023. Fraudsters are quickly adapting and increasingly changing their methods of stealing funds, choosing the most vulnerable platforms and clients’ crypto-wallets, PeckShield experts lament.

Analysts emphasize that hackers are abandoning the search for vulnerabilities in smart contracts and are focusing on phishing attacks and stealing users’ private keys.

Criminals have been distancing themselves from smart contract hacking for a long time, and as a result, losses from such attacks in 2023 decreased by 92% compared to 2022: from $2.6 billion to $179 million.

Now the main problem is the leakage of private keys, and the increased activity of hackers is caused by the bullish trend in the cryptocurrency market, since an increase in the value of assets leads to an increase in possible benefits in the event of a successful hack, PeckShield states.

Earlier, New York Attorney General Letitia James filed a lawsuit in Manhattan court against crypto companies NovaTech and AWS Mining Pty, accusing them of digital asset fraud and defrauding investors.