Ronghui Gu, the co-founder of CertiK, a leading blockchain security firm, has sounded the alarm for the cryptocurrency community to brace for more cyberattacks as the industry continues to expand.

Despite the first quarter of 2024 unfolding with cyber threats seemingly on par with past trends, Gu highlighted an increase in complexity within specific areas such as private key compromises and phishing scams.

This alarming uptick raises eyebrows, especially when considering the significant jump in financial losses caused by these security breaches.

Compared to the same period in 2023, the first quarter of 2024 has witnessed a notable surge in the losses tied to private key attacks.

CertiK's recent security study, “Hack3d,” reported a whopping $239 million in losses through merely 26 incidents.