Crypto Losses Plummet but Human Vulnerabilities Remain a Concern

Nominis, a blockchain security firm, has published a report detailing the state of crypto attacks in February. According to the study, total losses from these incidents dropped by 87%, from $385 million in January to $49.3 million last month.

However, while this decline suggests improved protocol security, Nominis notes that attackers are now focusing on manipulating users rather than exploiting code vulnerabilities. This shift in strategy has led to a surge in attacks on user accounts, transactional requests, and wallet addresses.

The study cites several notable incidents, including an attack on Step Finance, a Solana-based DeFi platform, which resulted in losses of over $40 million. In this case, attackers compromised devices belonging to the project's executive team, potentially exposing private keys or allowing unauthorized transaction approvals.

Other attacks highlighted by Nominis include address poisoning scams targeting individuals, with losses ranging from $100,000 to nearly $600,000. The firm also notes that authorities in South Korea are investigating a case where a seed phrase was accidentally exposed in a publicly shared photograph, leading to the theft of nearly $5 million worth of crypto.

The Nominis report emphasizes that human behaviors and operational practices are now the most vulnerable aspects of the cryptocurrency ecosystem. This is reflected in the increasing number of attacks on user accounts and wallet addresses, which are often the result of compromised user behavior or incorrect operational procedures.