2024 proved to be a challenging year for me as an analyst, with crypto investments being hit hard by hacks and scams that took advantage of vulnerabilities. These incidents resulted in substantial financial losses amounting to billions.
2024 saw a surge in crypto-related cyberattacks and frauds amounting to approximately $3.01 billion, representing a 15% increase compared to the $2.61 billion lost in 2023 as per data shared by PeckShield.
On Thursday, January 9th, a post on X discussed findings by a blockchain investigation company. They reported that out of the overall losses, around $2.15 billion was due to hacks and about $834.5 million was from scams. It’s worth noting that nearly half of the stolen funds, approximately $488.5 million, were successfully recovered.
2024 has seen a notable upsurge in cyber attacks targeting cryptocurrencies. The combined value of losses this year surpasses a staggering $3.01 billion, marking a nearly 15% rise from the $2.61 billion taken in 2023. This total encompasses approximately $2.15 billion swiped through crypto hacks and around $834.5 million…
— PeckShieldAlert (@PeckShieldAlert) January 9, 2025
Based on PeckShield’s findings, approximately 70% of the total losses can be attributed to hacking incidents, while the remaining 30% are due to scams. It’s worth noting that decentralized finance protocols continue to be the most targeted, accounting for the majority of the losses. This trend is evident through their consistent dominance over centralized finance on a year-by-year basis.
2024 saw some significant cyber thefts, with the hack of DMM Bitcoin – a Japanese cryptocurrency exchange – leading the pack, losing an estimated $305 million. This was followed closely by PlayDapp, which suffered a loss of approximately $290 million, and a BTC scam that resulted in a loss of around $238 million. Other high-value breaches targeted WazirX, an Indian crypto exchange, with a stolen amount of about $230 million, as well as Gala Games, which lost $212 million.
The data from each month indicates that May experienced exceptionally high damage, reaching a peak of $662.2 million in total losses. Similarly, July and August saw significant activity, both surpassing $280 million in losses. However, the trend shifted downward as the months progressed, with December registering the smallest amount of losses at $46.5 million.
Last year, as reported by analysts at Hacken, a web3 security company, attacks taking advantage of access control weaknesses dramatically increased. According to their findings, these vulnerabilities were responsible for about 78% of the total losses in 2024, impacting various industries such as decentralized finance, centralized finance, and gaming/metaverse platforms.
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2025-01-09 12:10