The year 2024 brought many unpleasant surprises to the cryptocurrency market in the form of massive cyberattacks. According to data from Phoenix Group, the projects that suffered the largest losses included DMM Bitcoin, WazirX India, and Munchables. These incidents reveal the ever-evolving techniques of cybercriminals exploiting vulnerabilities in cryptocurrency projects.

As a result of these attacks, major crypto platforms lost billions of dollars, presenting significant challenges for both investors and the projects themselves. These events emphasize the urgent need for advanced security measures to prevent similar situations in the future.

Biggest Loss of the Year: DMM Bitcoin Loses $305 Million

According to Phoenix Group's rankings, DMM Bitcoin was the most affected project, suffering a staggering $305 million loss. The hack occurred on May 31, with the primary cause being a compromised private key that allowed attackers to access the platform's funds.

Following DMM Bitcoin, WazirX India faced a $234.9 million loss on July 18. The attackers used phishing techniques targeting multisig wallets, resulting in the theft of users' funds.

Other Major Hacks of 2024

  • Munchables: On March 26, the project experienced an attack exploiting a storage slot vulnerability, leading to a $62.5 million theft.

  • BtcTurk: On June 22, compromised private keys resulted in a $54 million loss.

  • Radiant Capital: On October 16, the platform lost $53 million due to an access control exploit.

Smaller Losses: Thala and Other Significant Incidents

Phoenix Group's list also includes other attacks with smaller but still significant losses:

  • Hedgey: On April 16, a hacker exploited a flash loan vulnerability, draining $44.7 million.

  • BingX: On September 20, a wallet exploit resulted in a $43.3 million loss.

  • Penpie: On September 3, an attacker used a reentrancy exploit to steal $27 million.

  • FixedFloat: On February 18, compromised private keys led to a $26.1 million theft.

  • Thala Labs: On November 15, a liquidity pool exploit caused losses of $25.5 million.

Conclusion: The Growing Need for Better Security

The year 2024 demonstrated that cryptocurrency projects remain a primary target for cyberattacks. Losses in the hundreds of millions of dollars highlight the urgent need for sophisticated security measures. Both platforms and investors must adapt to the increasingly advanced methods of hackers to minimize risks and ensure the safety of funds in the future.

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