Do Kwon has pleaded not guilty to several charges in the United States. BlackRock’s iShares Bitcoin Trust (IBIT) had its largest one-day outflow since its launch in 2024, and a new report from CertiK states that phishing attacks were the most costly attack vector for the Crypto industry in 2024.
$1B Stolen in Crypto Phishing Scams
Crypto 2024 Scams investors should be wary of phishing scams, according to CertiK, a blockchain security organisation. These scams were the most serious security concern in 2024. In crypto phishing attacks, hackers pose as legitimate websites in an effort to trick users into divulging critical information, like private keys to cryptocurrency wallets.
According to CertiK’s annual Web3 security report issued on Jan. 2, phishing attacks were the most costly attack vector for the crypto industry in 2024, with attackers capturing over $1 billion worth of stolen digital assets over 296 cases.
Phishing and Key Hacks Steal $1B in Crypto
The spokesman from CertiK informed Cointelegraph that “phishing was the most costly attack vector last year.” The official stated, “The actual figure is higher when you include unreported incidents and other forms of phishing scams, such as pig butchering; our figures are conservative.”
At least three of the 296 phishing events in 2024 led to losses surpassing $100 million, demonstrating the magnitude of the potential impact. In 2024, 65 instances of private key hacks led to the theft of crypto valued at more than $855 million, making it the second-biggest threat behind phishing scams.
BlackRock Bitcoin Trust Sees $332.6M Outflow
As trading in the US reopened on January 2, BlackRock’s iShares Bitcoin Trust (IBIT) had its worst outflow since its introduction a year ago. According to statistics from Farside Investors, BlackRock’s spot Bitcoin BTC$97,083 exchange-traded fund experienced a record outflow of $332.6 million on Jan. 2.
According to Farside Investors, this outflow surpassed the previous record of $188.7 million set on December 24th, making it the greatest ever since the product introduction in January 2024. This action comes after the market closed on New Year’s Day, but it’s also a record-breaking third trading day of outflows for the Bitcoin investment product. BlackRock’s iShares Bitcoin Trust has experienced a value loss of $392.6 million over the past seven days.
Do Kwon Extradited on Fraud Charges
Do Kwon, co-founder of Terraform Labs, was extradited to the US to face criminal charges related to his role in the collapse of the Terra ecosystem. On January 2, he appeared before a New York magistrate, which was less than one week later. Kwon entered a not-guilty plea to nine counts in front of US Magistrate Judge Robert Lehrburger.
The allegations encompassed commodities fraud, money laundering, securities fraud, and wire fraud. The prosecution and defence will be able to present their evidence at a status conference on January 8. In 2023, the use of fake travel documents led to Kwon’s arrest in Montenegro. His extradition destination was a point of contention in the courts; thus he spent far more time behind bars than the four months imposed on him.
Kwon’s Extradition to US Approved
Bojan Bozovic, the Montenegrin minister of justice, finally accepted Kwon’s extradition to the US on December 27. The seriousness of the offences, the location of the execution, the sequence in which the request was made, the nationality of the wanted individual, the likelihood of additional extradition to another nation, and other relevant factors.” stated the Ministry of Justice.
FAQs
How much did phishing scams cost the crypto industry in 2024?
Phishing scams resulted in over $1 billion in losses across 296 incidents, making them the most costly attack vector in the crypto space.
What caused the $332.6M outflow from BlackRock’s Bitcoin Trust?
BlackRock’s iShares Bitcoin Trust experienced record outflows on Jan. 2, 2024, following the reopening of US markets. This was the largest one-day outflow since its launch.
What are pig butchering scams?
Pig butchering scams involve long-term deception, where scammers build trust with victims before stealing large amounts of Crypto assets.
Why did Montenegro approve Do Kwon’s extradition to the US?
Montenegro’s Minister of Justice approved the extradition based on the severity of the charges and the sequence of extradition requests, favoring the US over South Korea.
