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.
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