The year 2024 proved challenging for cryptocurrency investors as hackers and scammers exploited vulnerabilities, resulting in multibillion-dollar losses.

Total Losses Exceed $3 Billion

According to data from PeckShield, cryptocurrency-related scams and hacks caused a total loss of $3.01 billion in 2024, marking a 15% increase compared to $2.61 billion in 2023. The breakdown is as follows:

  • $2.15 billion from hacks,

  • $834.5 million from scams,

  • Approximately $488.5 million was recovered.

Hacks Dominate Losses

Hacks accounted for over 70% of total losses, while scams contributed the remaining 30%. The largest portion of these losses occurred within decentralized finance (DeFi) protocols, highlighting their vulnerability compared to centralized platforms.

Biggest Incidents of 2024

The most significant attacks included:

  • DMM Bitcoin (Japan): loss of $305 million,

  • PlayDapp: loss of $290 million,

  • BTC Scam: loss of $238 million,

  • WazirX (India): loss of $230 million,

  • Gala Games: loss of $212 million.

Most Devastating Months

  • May 2024 was the worst month, with total losses peaking at $662.2 million.

  • July and August saw losses exceeding $280 million each.

  • In contrast, December 2024 recorded the smallest losses, amounting to $46.5 million.

Causes and Vulnerabilities

According to cybersecurity firm Hacken, there was a sharp rise in attacks exploiting access control vulnerabilities in 2024, accounting for 78% of total losses. These vulnerabilities affected:

  • Decentralized finance (DeFi) platforms,

  • Centralized finance (CeFi) platforms,

  • Gaming and metaverse projects.

Outlook and the Need for Enhanced Security

The year 2024 underscored the critical need for stronger security measures in the cryptocurrency space. Rising losses from scams and hacks serve as a warning to both investors and developers to prioritize prevention and strengthen the security of their platforms.

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