Relying on one person for private key access creates significant organizational risks and can lead to catastrophic losses.

Losses from crypto hacks and scams declined by 40% year-over-year in the third quarter of 2024, falling to just $413 million, according to a Sept. 26 report from blockchain security platform Immunefi.

Crypto losses fell to $76 million in December, a 60% decrease from November, but major hacks, such as a $50 million address-poisoning scam, still occurred.

Over $2 billion was lost to crypto hacks in Q1 2025, with Bybit's $1.4 billion exploit leading the surge in access control attacks. Over $2 billion was lost to cryptocurrency hacks in the first ...