The crypto industry witnessed losses totaling $1.49 billion in 2024 due to hacks and fraud, marking a 17% decrease from 2023.
According to a report by blockchain security platform Immunefi, hacks were overwhelmingly the primary cause, accounting for $1.47 billion or 98.1% of the total losses across 192 incidents.
Fraud, including rug pulls and scams, represented just 1.9% of the losses at $28 million, though this category saw a 72% increase year-on-year.
Number of Successful Attacks Fell by 27%
The decline in total crypto losses reflects improved security measures, as the number of successful attacks also fell by 27.5%, from 320 in 2023 to 232 in 2024.
The report identified two high-profile incidents as the year’s largest losses.
Japan’s DMM Bitcoin exchange suffered a $305 million private key breach in May, while WazirX, India’s top crypto exchange, lost $235 million in July after hackers compromised its Ethereum-based multisig wallet.
Together, these two events accounted for 36% of the total losses.#USUALAnalysis #ChristmasMarketAnalysis