In 2024, the cryptocurrency industry once again faced large-scale cyber threats. According to a report by Cyvers, losses from cyber attacks this year amounted to more than $ 2.361 billion. This is 40% more than in 2023, which highlights the increasing complexity and sophistication of attacks.
The main threats of 2024
Access control incidents became the main source of losses, accounting for 81% of total losses. As a result of such attacks, $1.9 billion was stolen. In second place were vulnerabilities in the code, which led to the loss of $ 456.3 million.
In 2024, Ethereum became the network most affected by cybercrimes, with losses of over $1.2 billion.
Among the most high-profile incidents of the year:
DMM Bitcoin (Japan): losses of $305 million.
WazirX (India): lost $235 million.
Radiant Capital (DeFi): $50 million stolen.
BingX (Singapore): the loss of $52 million.
Fraud and vulnerabilities
Fraudulent schemes, in particular fraud involving pig farms, occupy a separate place in the report. In 2024, this type of crime caused $3.6 billion in damage, involving more than 150,000 addresses and 800,000 transactions.
Despite the overall increase in the number of fraudulent transactions by 40% compared to 2023, their level remains below the record high of 2022.
Dynamics of cyber attacks
The number of attacks and their losses varied throughout the year.:
First quarter: Most attacks were related to smart contract vulnerabilities.
Third quarter: the largest losses were recorded — $790 million.
Fourth quarter: 56% decrease in activity compared to the same period in 2023.
Positive trends
One of the positive aspects of 2024 was the increase in the number of successful recovery activities. Thanks to the reward programs for vulnerability detection and the operational work of the project teams, $1.3 billion was returned.
Trends of 2025: new threats
With the development of technology, the cryptocurrency industry is preparing for new challenges:
Quantum attacks. The development of quantum computing poses a serious threat to modern cryptographic security methods.
Attacks using AI. Artificial intelligence is becoming a powerful tool for improving the effectiveness of attacks.
CeFi vulnerabilities. Centralized financial platforms remain under threat due to the risks associated with the human factor and the complexity of the infrastructure.
Pig farm fraud. This type of crime can become even more sophisticated and widespread.
Conclusion
The year 2024 was a test for the cryptocurrency industry, demonstrating both the vulnerability of existing systems and the ability to adapt and protect. In 2025, increased threats such as quantum and AI attacks will require the industry to pay even more attention to cybersecurity and innovative approaches to asset protection.
