In 2024, the crypto industry suffered losses of $3.01 billion. The data was revealed by blockchain security firm PeckShield.
The amount represents a 15% increase from $2.61 billion in 2023, mainly reflecting growing vulnerabilities in the digital asset market.
PeckShield Reports $488 Million Crypto Recovery
PeckShield’s analysis shows that the majority of 2024 losses came from crypto hacks, which accounted for $2.15 billion, or 71% of the total. The remaining $834.5 million resulted from various scams, such as phishing attacks, Ponzi schemes, and fraudulent investment platforms.
However, despite the significant losses, efforts to recover stolen funds have shown some success. According to PeckShield, approximately $488.5 million in cryptocurrency has been recovered through blockchain tracking and enforcement actions.
The report also highlights the top 10 thefts of the year, highlighting the significant scale of individual incidents. These ranged from breaches of decentralized finance (DeFi) platforms to targeted attacks on major exchanges. Notable incidents include:
AlphaX DeFi Hack — $320 Million Stolen in February.
Lumos Bridge exploration — $250 million drained in July.
DeltaTrade Exchange breach — $180 million stolen in October.
The high-profile cases are a further indication of ongoing security challenges within the DeFi ecosystem. This suggests, for example, that the sector remains a prime target for hackers due to its open-source nature and large volumes of digital assets.
Monthly trends in hacking activities
A bar chart accompanying the report illustrates the distribution of losses throughout the year. As indicated in the chart below, spikes were observed in March and September, coinciding with major protocol vulnerabilities and periods of intense market activity.
The increase in attacks in recent months indicates the need for continuous security audits and real-time monitoring of smart contracts. While hacks dominated the losses, scams also played a significant role. Scammers took advantage of the growing adoption of cryptocurrencies, targeting inexperienced users with promises of high returns.
Crypto Hacks and Scams in 2024. Source: PeckShield
One of the biggest scams of the year involved a fake investment platform that siphoned off $140 million from unsuspecting investors before disappearing. This incident highlights, above all, the importance of public education and due diligence to mitigate risk.
The rise in crypto-related crimes has caught the attention of regulators and law enforcement agencies around the world. In November, France’s Autorité nationale des jeux (ANJ) launched an investigation into fraudulent crypto operations. Elsewhere, the FBI has worked closely with blockchain analytics firms to recover stolen funds and prosecute offenders.
The PeckShield report emphasizes the importance of caution for crypto market participants as the industry continues to grow.
The Wild West of crypto is alive and well. $3 billion lost in 2024 shows the stakes are higher than ever. Time to sharpen those digital defenses or risk being a sitting duck, one user commented on X.
The article Over $3B Lost in Crypto Hacks and Scams in 2024, PeckShield Reports appeared first on BeInCrypto Brasil.
