In this article: losses from DeFi hacks in 2024 totaled $1.029 billion, a 33% increase from 2023.
massive hacks, including #Bitcoin DMM ($330 million) and 58 thefts (totaling $106 million), exposed vulnerabilities.
BREAK Stronger regulation, including audits and SEC involvement, will help improve cryptocurrency security.
In 2024, #cryptocurrencies experienced more than 410 hacks and suffered $2.013 billion in losses, with #DeFi being the hardest hit. These incidents underscore the urgent need for better security, stronger regulation and greater trust in digital assets.
2024 was the year of cryptocurrencies, but significant security issues and fraudulent projects emerged during this time, highlighting the need for improvements. According to
SlowMist Hacked, 410 security incidents occurred in 2024, resulting in a huge loss of US$2.013 billion.
SlowMist reports, however, that losses in 2024 totaled US$464, a 19.02% decrease from 2023.
DeFi was the most vulnerable area, with 82.68% of hacks occurring. There were 339 DeFi incidents that resulted in $1.029 billion in damages. This is a 33.12% increase from the 2023 edition, when the damage amounted to $773 million.
This shows how weak security and flawed smart contracts make decentralized finance more attractive to hackers. Ethereum suffered the largest loss of US$465 million
#Binance smartchain (BSC) came in second place with a loss of US$87.35 million. On May 31, one of the worst hacks occurred on Japanese cryptocurrency exchange DMM Bitcoin, where hackers
tricked users into helping them steal 4,502.9 BTC from the exchange's official wallet, causing a loss of about US$330 million. This is the seventh largest hack in the history of cryptocurrencies and the largest since 2022. According to the FBI, the U. S. Department of Defense Cybercrime Center and the Japan National Police Agency, the North Korean hackers carried out the attack as part of a so-called "traitor-trader campaign".
Read us at: Compass Investments