Crypto Laundering from Hack-Related Incidents Surges to $1.3 Billion in 2024

Crypto laundering tied to hacks reached a staggering $1.3 billion in 2024, representing a nearly threefold increase compared to $342 million in 2023. This significant surge, possibly driven by rising crypto prices, was revealed by blockchain security firm PeckShield in a recent report.

The report focused on hack losses exceeding $1 million, providing insights into the methods used by hackers to launder funds. Chain hopping, a process where coins are laundered between different blockchains, accounted for $452 million, while coin mixing accounted for $468 million.

Key Statistics and Trends

Here are some key statistics and trends from the report:

  • The total value of hack-related crypto laundering in 2024 is $1.3 billion, marking a significant increase of 280% from the $342 million recorded in 2023.
  • Chain hopping and coin mixing were the primary methods used for laundering funds, accounting for $920 million in total.
  • Scam losses dropped to $834.5 million in 2024, down 24% from $1.1 billion in 2023.
  • Phishing scams were still a significant problem, making up almost 80% of the total scam losses at $660 million.

Monthly Breakdown and Notable Incidents

PeckShield’s analysis also pointed out the monthly breakdown of losses, with a spike in August 2024 reaching $293.4 million. Some notable incidents include:

  • Bitcoin scams alone led to $238 million in losses.
  • A poisoning scam involving Wrapped Bitcoin resulted in a $71 million loss.
  • Rug pulls on BitForex and ZKasino cost $57 million and $33 million, respectively.

Recovering Stolen Funds

According to a recent report, crypto hacks and scams cost the industry $3.01 billion in 2024, up 15% from $2.61 billion in 2023. Out of that, $2.15 billion came from hacks, and scams made up $834.5 million. Around $488.5 million of stolen funds were recovered.

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