In 2024, crypto laundering associated with hacking surged to $1.3 billion, a 280% increase from $342 million in 2023, according to a January 13 report by PeckShield.
The rise is primarily attributed to the significant increase in cryptocurrency prices, with Bitcoin’s value more than doubling during the year.
The report examined losses from hacks exceeding $1 million and found that chain hopping, which moves illicit funds across different blockchains, accounted for $452 million, while coin mixing services handled $468 million.
Despite the sharp rise in laundering, scam-related losses saw a notable decline. Scam losses dropped to $834.5 million in 2024, a 24% decrease from $1.1 billion in 2023. However, phishing scams remained dominant, making up 80% of the total at $660 million.
August emerged as the peak month for crypto-related losses, with a staggering $293.4 million stolen. Bitcoin scams led to losses, contributing $238 million, while a poisoning scam involving Wrapped Bitcoin caused $71 million in damages. Rug pulls also made headlines, with $57 million lost on BitForex and $33 million on ZKasino.
Crypto hacks and scams reportedly cost the industry $3.01 billion in 2024, a 15% increase from $2.61 billion in 2023; of the total, $2.15 billion stemmed from hacks, while scams accounted for the remaining $834.5 million. Approximately $488.5 million of the stolen funds were recovered.
Notably, December 2024 saw a significant decline in hack-related losses. More than 25 cryptocurrency hacks were reported during the month, resulting in a total loss of $24.69 million—over 70% less than November’s figures, according to PeckShield. The most significant incident involved LastPass, which suffered losses of $12.38 million. Other notable hacks targeted Yeti Finance, GemPad, and FEG, each losing around $2.2 million, while Victim incurred damages of $1.3 million. December’s losses were among the lowest of the year, in stark contrast to April 2024, which saw a record $574.65 million in losses.
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