Stolen private keys, not code flaws, caused 40% of crypto's $16.7 billion hack losses

About $6.7 billion of the $16.7 billion lost to crypto hacks came from stolen private keys, not smart contract bugs. The industry is turning to multi-party computation and account abstraction to fix key management.

• 40% of all crypto hack losses stem from compromised private keys, not blockchain or smart contract flaws.
• Operational security incidents are rising while smart contract exploits are declining, CertiK told CoinDesk.
• Solutions include multi-party computation (MPC), account abstraction and hardware-based key storage.
• Brute-force attacks and unknown key leaks are the two main categories of private key theft.

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