Crypto private key theft is now big business: Here’s what to know

Private key theft has become an automated, industrialized threat, highlighting the need for crypto users to remain vigilant, according to a report by GK8, a subsidiary of Galaxy Digital.

Private key theft is no longer just another way hackers attack crypto users — it has become a full-fledged business, according to GK8, a crypto custody expert owned by Mike Novogratz’s crypto investment platform Galaxy Digital.

In a report published Monday, GK8 detailed how private key theft has evolved into an industrialized operation, highlighting the rise of black market tools that allow perpetrators to locate and steal someone’s seed phrase.

The study pointed to several tools, such as malware infostealers and seed phrase finders, that can scan files, documents, cloud backups and chat histories to quickly extract a user’s private key, effectively giving attackers full control over their assets.

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