Ethereum, Bitcoin & XRP Lead $1.5B Crypto Scam Losses, What’s Happening?
The first half of 2024 has been marked by a surge in major hacks within the cryptocurrency space. Ethereum (ETH), Bitcoin (BTC), and XRP have led the crypto scam losses amounting more than $1.5 billion. This year, over 200 significant incidents have resulted in approximately $1.56 billion in losses.
Crypto Scam Losses Hit $1.5B
According to Peck Shield Alert data, only $319 million of lost crypto funds have been recovered. Moreover, the losses this year represent a staggering 293% increase compared to the same period in 2023, where losses amounted to $480 million.
Overview of crypto scams in 2024, Source: PeckShieldAlert | X
Furthermore, DeFi protocols have been the primary targets for hackers. They account for 59% of the total stolen value. Over 20 public chains experienced major hacks during this period. Moreover, Ethereum, Bitcoin, and XRP topped the list for the amount lost via crypto hacks.
In addition, Ethereum and BNB Chain were the most frequently targeted, each accounting for 31.3% of the total hacks. Meanwhile, Arbitrum followed with 12.5% of the attacks. One of the most significant incidents occurred on June 3, 2024.
DMM Bitcoin, a major Japanese cryptocurrency exchange, reported a substantial breach. The attackers stole 4,502.9 BTC, worth over $300 million at the time. This incident highlighted vulnerabilities within exchanges, especially those handling large volumes of digital assets.
A week after the DMM Bitcoin attack, on June 10, UwU Lend, a decentralized finance (DeFi) lending protocol, was compromised. The breach led to a loss of approximately $19.3 million in digital assets. This hack underscores the ongoing risks associated with DeFi platforms, which often operate with less regulatory oversight. The platform then offered $5 million reward for catching the hacker.
