CertiK co-founder Ronghui Gu has stated that as of November 28, 2023, hacking attacks alone have caused $1.5 billion in losses in the cryptocurrency space. Gu believes that these hacking attacks and vulnerabilities have had a significant impact on the adoption of cryptocurrencies, undermining public trust in the security and stability of digital assets. He considers security incidents resulting from SIM-swaps and multi-signature failures as “unforgivable,” and suggests that companies should adopt native cryptographic multi-factor authentication and undergo regular security audits.
