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Crypto Hacks in 2024: Losses Reach $1.2 Billion

by Giorgi Kostiuk

a year ago

Rise in Crypto Hacks
Lowest Hacks in August
Final Thoughts

In recent years, the crypto industry has grown significantly, reaching $2.09 trillion and facilitating billions of dollars in daily transactions. However, alongside this growth, the number of crypto hacks and scams has also been rising. Notably, every month, new types of crypto scams and attacks occur, raising concerns about the security of service providers and regulators.

Rise in Crypto Hacks

In 2023, the crypto industry witnessed numerous exhausting and repetitive hacks involving various exchanges, service providers, and individual wallets. However, this year's count has surpassed the 2023 data by 15.5%, with over $1.21 billion already lost. According to new reports, the industry lost $1.21 billion worth of digital assets in 2024 due to rug pull scams, affecting more than 154 individuals. Notably, the Indian exchange WazirX lost $230 million, making it the biggest hack of the year.

Lowest Hacks in August

While there have been significant thefts and billions lost this year, August saw a 94% decrease in hacks. Only $15 million was stolen in August 2024, which is 94% less than the $274 million lost in the previous month. Compared to August 2023, there is a 38% decrease. Overall, $24,581,220 was lost last August, whereas $15,082,000 was lost in August 2024. Notably, no official crypto scams were reported this month.

Convergence clarified in their post-mortem that they had "modified that part of the code post-audit," which highlights the critical importance of maintaining a security-first approach at every step.Mitchell Amador, founder of Immunefi

Final Thoughts

The Ethereum and BNB chain became the main victims of the August crypto hacks. Overall, the market lost $15 million from five incidents involving Ronin, Nexera, VOW, Convergence Finance, and iVest DAO. The year as a whole has seen a 15.5% surge in these hacks, resulting in $1.21 billion worth of lost crypto assets. Nevertheless, August had the lowest losses, with a 94% decline from previous months.

The year 2024 has shown a significant increase in crypto hacks, despite a decrease in activity in August. The total losses amounted to $1.21 billion. It is crucial to continue focusing on security at every stage of the development and use of crypto services.

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