The crypto industry faced another challenging year in 2024, with crypto scams and hacks costing investors a staggering $3.01 billion, marking a 15% increase from the $2.61 billion lost in 2023. Data from blockchain forensic firm PeckShield highlights the growing vulnerabilities in decentralized finance (DeFi) protocols and the persistent threat of scams targeting unsuspecting investors.
Billions Lost to Hacks and Scams
PeckShield‘s data reveals that $2.15 billion of the total losses in 2024 were due to hacks, with scams accounting for $834.5 million. The stolen funds that were recovered amounted to $488.5 million, offering some respite to victims. Hacks remained the dominant contributor, causing over 70% of the losses.
#PeckShieldAlert 2024 has witnessed a significant resurgence in crypto-related hacking activities. The total value of loss in 2024 has exceeded $3.01B, reflecting a ~15% increase over the $2.61B stolen in 2023.
This total includes $2.15B stolen from crypto hacks and $834.5M… pic.twitter.com/l58x17TE5m— PeckShieldAlert (@PeckShieldAlert) January 9, 2025
DeFi protocols continued to be the primary targets for hackers, maintaining their position as the most exploited sector in the crypto space. Centralized finance (CeFi) platforms, while less impacted, still suffered significant losses.
Major Heists of 2024
Some of the largest crypto heists of the year involved high-profile entities:
- DMM Bitcoin (Japan): $305 million lost in a devastating hack.
- PlayDapp: A breach cost the platform $290 million.
- BTC Scam: Fraudulent schemes siphoned off $238 million.
- WazirX (India): The Indian crypto exchange faced a $230 million hack.
- Gala Games: A $212 million breach targeted the gaming platform.
These incidents underscore the persistent vulnerabilities in both DeFi and CeFi platforms, as attackers exploited security flaws with alarming efficiency.
Monthly Breakdown: May Hit Hardest
May 2024 stood out as the most damaging month, with total losses peaking at $662.2 million. Other high-loss months included July and August, each exceeding $280 million. The year ended on a relatively calmer note, with December recording the lowest monthly losses at $46.5 million.
Key Vulnerabilities Driving Losses
Access control vulnerabilities emerged as the leading exploit type in 2024. According to web3 security firm Hacken, these flaws accounted for 78% of all losses, affecting a diverse range of sectors, including DeFi, CeFi, and gaming/metaverse platforms.
Experts continue to call for more robust security measures and user education to mitigate these threats. Despite advancements in blockchain security, the pace of innovation in attack techniques remains a major challenge.
