The world of cryptocurrency is as exciting as it is unpredictable. While blockchain technology promises decentralization, transparency, and security, the rapid evolution of this space also makes it a prime target for cybercriminals.
The year 2024 has been no exception, witnessing some of the most staggering crypto hacks in recent memory.
According to a report by Chainalysis, the value of stolen crypto funds surged by approximately 21.07% year-over-year, reaching $2.2 billion.
REPORT | Hackers Stole Over $2.2 Billion From Cryptocurrency Users in 2024, North Korea Main Culprit
Private key compromises accounted for the largest share of stolen crypto in 2024 at 43.8%.https://t.co/ZP0GjL6Mc7 pic.twitter.com/KgBnoFEITG
— BitKE (@BitcoinKE) December 22, 2024
Moreover, the number of individual hacking incidents increased from 282 in 2023 to 303 in 2024, highlighting the growing risks in the sector.
From sophisticated DeFi exploits to vulnerabilities in centralized exchanges, these breaches have not only resulted in billions of dollars in losses but also reshaped the conversations around trust, regulation, and innovation in the crypto industry.
In this article, we’ll delve into the most significant hacks of 2024, explore how they happened, and discuss the lessons they offer for a safer digital future.
1.) DMM Bitcoin ($308 Million)
In May, Japanese cryptocurrency exchange, DMM Bitcoin, suffered a significant breach, with hackers making off with over 4,500 BTC – valued at $308 million at the time.
While the exact method of the attack remains unknown, TRM Labs suggested that compromised private keys could have been a likely cause.
The company is currently in the process of shutting down, with customer accounts being transferred to SBI VC Trade, the exchange that is assuming control of its assets.
2.) PlayDapp ($290 Million)
In February, hackers struck the crypto gaming platform, PlayDapp, twice, exploiting a private key vulnerability to steal $290 million worth of PLA tokens across both incidents.
Despite being offered a $1 million white hat reward for returning the stolen assets, the attackers declined, and the funds remain unaccounted for to this day.
3.) WazirX ($235 Million)
In June, Indian cryptocurrency exchange, WazirX, fell victim to a major hack, with attackers absconding with nearly $235 million.
LATEST |
WazirX, a prominent Indian cryptocurrency exchange, has reportedly been hacked, with over $234.9 million in assets moved from its Safe Multisig wallet on the Ethereum network to a new address. The transactions were funded by Tornado Cash, a cryptocurrency mixer known… pic.twitter.com/rSqMZ4eHCk
— BitKE (@BitcoinKE) July 18, 2024
Following the breach, WazirX suspended all withdrawals, leaving users unable to access their funds. According to Elliptic, the attack was linked to North Korea.
In August, the exchange’s parent company, Zettai Pte Ltd, obtained a four-month moratorium from the Singapore High Court to stabilize its finances.
4.) Ripple Co-Founder ($112.5 Million)
On January 30, hackers targeted Ripple Co-Founder and Executive Chairman, Chris Larsen’s personal XRP holdings. Larsen confirmed on X that ‘unauthorized access’ had occurred in several of his private XRP accounts but assured the public that Ripple itself was not affected.
Despite this reassurance, the attack was significant. Blockchain investigator, ZachXBT, reported that the hackers stole approximately 213 million XRP – valued at $112.5 million at the time – and laundered the funds through various exchanges.
Attempts to recover the stolen assets have so far been unsuccessful.
5.) Orbit Chain ($80 Million)
The year started with a major DeFi breach when hackers exploited the cross-chain bridge project, Orbit Chain, on January 1, stealing over $80 million. The attackers made off with Ethereum and the stablecoin, DAI, during the exploit and have remained silent ever since.
Months after the breach, a significant portion of the stolen cryptocurrency was funneled through the coin mixer, Tornado Cash. Aside from issuing an apology in January following the exploit, the project team has provided few updates on the incident or any plans to recover the stolen assets.
6.) BtcTurk’s ($54 Million)
On June 22, hackers struck the Turkish cryptocurrency exchange, BtCTurk, which serves the country’s growing crypto market. The majority of the stolen funds were in Avalanche (AVAX), the 12th-largest cryptocurrency by market capitalization.
The exchange assured users that the majority of funds, stored in cold wallets, remained secure. Meanwhile, a day after the hack, Binance CEO, Richard Teng, announced that his exchange had frozen $5.3 million in stolen funds to support BtCTurk’s recovery efforts.
7.) Radiant Capital’s ($50 Million)
In October, hackers targeted the DeFi project, Radiant Capital, in what was described as ‘one of the most sophisticated hacks ever recorded in DeFi,’ making off with $50 million in tokens at the time.
The breach occurred after a Radiant developer received a Telegram message from someone posing as a former contractor, according to the protocol. The message included a PDF, which was used to deliver malware, ultimately giving the attackers control of several private keys and allowing them to steal USDT, USDC, and ARB tokens.
Radiant Capital, a platform that enables users to earn interest and borrow cryptocurrency, later revealed that North Korean hackers were behind the attack.
8.) United States Government ($20 Million)
In October, hackers even targeted the U.S. government, stealing over $20 million worth of stablecoins and Ethereum from a wallet holding funds seized from criminals.
The stolen crypto was linked to a 2016 hack of the Bitfinex exchange. The attackers transferred the coins and tokens to a new address, leading pseudonymous blockchain investigator, ZachXBT, to suggest that it was likely a theft.
The following day, nearly $19.3 million of the stolen funds were returned to the wallet, according to data from Arkham Intelligence. However, it remains unclear what happened to the remaining stolen cryptocurrency or why the hackers decided to return part of it.
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