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PeckShield Data Reveals $2.15 Billion Lost to Hacks, $834.5 Million to Scams in 2024

11 January 2025
in Crypto, News
Reading Time: 3 mins read
107 3
Home News Crypto

In 2024, crypto-related hacks and scams caused the industry to lose $3.01 billion, marking a 15% increase from the previous year’s $2.61 billion, according to PeckShield’s data in a January 9 X post.

The data showed that out of $3.01 billion in losses, $2.15 billion were due to hacks, while scams accounted for $834.5 million. Approximately $488.5 million of the stolen funds were recovered. According to PeckShield, over 70% of the $3.01 billion in losses were caused by hacks, with scams making up the remaining 30%. DeFi protocols continue to be the primary target, consistently experiencing more significant losses than centralized finance year after year.

Some of the largest crypto heists in 2024 include the $305 million hack of DMM Bitcoin, followed by PlayDapp ($290 million) and a BTC scam that took $238 million. Other notable breaches targeted WazirX ($230 million) and Gala Games ($212 million). Monthly data reveals that May was the most devastating month of 2024, with losses reaching $662.2 million. July and August also saw significant losses, exceeding $280 million each. However, the latter months declined, with December recording the lowest losses at $46.5 million.

As analysts at Web3 security firm Hacken highlighted, attacks targeting access control vulnerabilities rose in 2024. These flaws were responsible for 78% of the losses, impacting various sectors such as decentralized finance, centralized finance, and gaming/metaverse platforms.

This news builds on earlier reports of a significant decline in crypto hacks, with December 2024 losses falling 70% to $24.69 million. The most considerable breach involved LastPass, which lost $12.38 million, followed by Yeti Finance, GemPad, and FEG, each losing about $2.2 million. December’s losses marked one of the lowest of the year, in stark contrast to the peak of $574.65 million in April. Stolen funds were traced through various platforms, including Ethereum, USDC, and Bitcoin, with some linked to the sanctioned mixer Tornado Cash.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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