During 2024, the crypto market witnessed a series of huge hacks. As per the data from Phoenix Group, DMM Bitcoin, WazirX: India, and Munchables dominated the projects with the biggest losses throughout the year, indicating the evolving cybercriminals exploiting the crypto vulnerabilities.
LARGEST CRYPTO HACKS IN 2024#DMMBitcoin #WazirX #Munchables #BtcTurk #RadiantCapital #Hedgey #BingX #Penpie #FixedFloat #Thala pic.twitter.com/D9gtGkr4Lj
— PHOENIX – Crypto News & Analytics (@pnxgrp) December 29, 2024
As a result of these hacks, the well-known crypto projects saw billions in losses. Subsequently, the respective platforms and investors have been struggling for the recovery of the siphoned funds. Thus, such events signify the requirement for advanced measures to prevent cybercriminal activities in the future.
DMM Bitcoin Incurs the Largest Loss of $305M in Crypto Hacks of 2024
In line with Phoenix Group’s list of projects incurring biggest losses, DMM Bitcoin project dominated with a staggering amount of $305M. The hack reportedly took place on the 31st of May this year and the compromised private key led to the exploit.
Coming after this WazirX: India incurred a loss of $234.9M due to a hack that occurred on the 18th of July this year. The hacker reportedly utilized a phishing technique via multisig wallet to take away the hard-earned funds of the users.
Apart from that, Munchables went through a storage slot-related exploit on the 26th of March where a hacker pocketed $62.5M. Additionally, on the 22nd of June, a hacker compromised the private keys of BtcTurk to exploit $54M. Moreover, Radiant Capital recorded a $53M in losses as a hacker exploited its access control on the 16th of October.
Thala Sees the Minimum Loss among 2024’s Top 10 Crypto Exploits
Phoenix Group’s list moves on to include Hedgey as the top 6th crypto project with biggest crypto losses in a hack. On the 16th of April, a hacker conducted a flashloan exploit and drained off $44.7M. Along with that, BingX’s hot wallet exploit took place on the 20th of September, with the exploiter taking away $43.3M.
A couple of weeks before this event, a hacker carried out a reentrancy exploit on Penpie and stole $27M on the 3rd of September. Furthermore, on the 18th of February, a hacker compromised the private keys of FixedFloat to siphon $26.1M. In the end, Thala Labs was hit by a liquidity pool exploit on the 15th of November, incurring a loss of $25.5M.