2024 saw a staggering surge of $1.3 billion in cryptocurrency laundering related to hacks, representing a whopping 280% rise compared to the previous year, as reported by PeckShield.
In 2024, the amount of cryptocurrency being laundered through hacks reached an astounding $1.3 billion, marking a nearly threefold increase from $342 million in 2023, as per data disclosed by PeckShield. On January 13, the blockchain security firm shared a post on X, suggesting that this surge in laundered funds might be due to the escalating prices of cryptocurrencies, such as Bitcoin (BTC), which more than doubled since early 2024.
The analysis primarily delved into instances where financial losses due to hacks surpassed the $1 million mark. Specifically, it uncovered that a technique known as “chain hopping” transferred approximately $452 million, which involves laundering coins across multiple blockchains. Additionally, the data indicated that about $468 million was associated with the process of “coin mixing.
2024 saw a staggering jump in cryptocurrency laundering linked to hacks, with an overall value of approximately $1.3 billion. This represents a substantial rise of around 280% compared to the $342 million recorded in 2023. This surge could be attributed to the increasing values of cryptocurrencies. It’s important to note that our analysis primarily focused on reported instances within a specific range…
— PeckShieldAlert (@PeckShieldAlert) January 13, 2025
In 2024, the amount lost due to scams decreased by 24%, going from $1.1 billion in 2023 down to $834.5 million. Despite this decrease, phishing scams remained a significant issue, accounting for nearly 80% of the total losses at approximately $660 million.
According to PeckShield’s analysis, the losses were also broken down monthly, with a significant peak of $293.4 million in August 2024. Bitcoin frauds accounted for the largest portion of these losses, totaling approximately $238 million. The Wrapped Bitcoin (WBTC) poisoning scam was the second-largest contributor to the losses, causing around $71 million, while other scams like rug pulls on BitForex and ZKasino resulted in losses of about $57 million and $33 million respectively.
Looking back at January, I learned from crypto.news that the crypto world suffered a staggering loss of approximately $3.01 billion due to hacks and scams in 2024, marking a 15% increase from the $2.61 billion lost in 2023. Out of this total, an alarming $2.15 billion was taken through hacks, while scams accounted for a significant $834.5 million. Fortunately, around $488.5 million of the stolen funds were eventually recovered.
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2025-01-13 12:18