DeepBook (deep) 
Crypto Hacks in 2024 Resulted in Nearly $3 Billion in Damages
Crypto hacks in 2024 caused nearly $3 billion in damages, with access control flaws driving 78% of the losses, according to recent data. The blockchain security landscape proved challenging once again, with the total financial impact of hacks mirroring that of 2023.
Access Control Flaws: The Leading Cause of Crypto Hacks
The data shows that attacks exploiting access control vulnerabilities surged sharply in 2024, accounting for 78% of the losses. These flaws affected a wide range of sectors, including decentralized finance (DeFi), centralized finance (CeFi), and gaming/metaverse platforms.
Access control vulnerabilities turned out to be the biggest threat, accounting for 75% of crypto hack losses, excluding phishing. The sectors most affected by these losses were:
- DeFi: 20.4% of total hack losses
- CeFi: 30% of total hack losses
- Gaming and metaverse: $389 million in losses, accounting for about 20% of all crypto hack damages
Notable Trends in Crypto Hacks
Cross-chain bridge-related losses saw a notable drop to $117 million, down from $330 million in 2023 and $1.9 billion in 2022. Additionally, the blockchain security firm noted an increase in DNS hijacking incidents, highlighting the need for comprehensive security strategies.
The data was sourced from verified crypto project reports, including platforms and post-mortems, and databases.
“Crypto projects must prioritize comprehensive security strategies to mitigate the risks associated with access control flaws and DNS hijacking incidents.”
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