2024 Crypto Losses Reach $3.01 Billion as Hacks and Scams Continue to Rise

Crypto investors faced significant challenges in 2024 as the industry saw a surge in hacks and scams, resulting in substantial losses. According to recent data, crypto-related hacks and scams cost the industry $3.01 billion in 2024, representing a 15% increase from $2.61 billion in 2023.

Hack-Related Losses Dominated the Year

Of the total losses, $2.15 billion came from hacks, while scams accounted for $834.5 million. Approximately $488.5 million of stolen funds were recovered. This data highlights the persistent threat of hacking activities in the crypto space. In fact, more than 70% of the losses were caused by hacks, with scams making up the remaining 30%.

Decentralized Finance Protocols Remain Vulnerable

Decentralized finance (DeFi) protocols continue to be the biggest target for hackers, contributing the majority of the losses. This trend has been consistent year-over-year, with DeFi remaining a dominant area for hackers to exploit.

Notable Heists of 2024

Some of the largest heists of 2024 include:

  • Japanese crypto exchange DMM Bitcoin, which lost $305 million
  • PlayDapp, which lost $290 million
  • A BTC scam that siphoned off $238 million
  • Indian crypto exchange WazirX, which lost $230 million
  • Gala Games, which lost $212 million

Monthly Data Reveals Periods of High Activity

Monthly data shows that May was particularly devastating, with total losses peaking at $662.2 million. July and August also saw heavy activity, with losses exceeding $280 million each. However, the later months showed a gradual decline, with December recording the lowest losses at $46.5 million.

Access Control Vulnerabilities: A Growing Concern

Analysts at web3 security firm Hacken noted that attacks exploiting access control vulnerabilities surged sharply in 2024. These flaws accounted for 78% of the losses last year, affecting a wide range of sectors, including DeFi, centralized finance, and gaming/metaverse platforms.

As the crypto industry continues to evolve, it is essential for investors to remain vigilant and take proactive measures to protect their assets. Stay informed about the latest developments in the crypto space and explore more news on Global Crypto News.

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