The crypto industry saw significant monetary losses in 2024 due to cyberattacks and fraudulent activities, as reported by PeckShield. These incidents have had a notable impact on various sectors within the digital economy.
Major Losses and Statistics
According to PeckShield, the crypto industry suffered losses amounting to $3.01 billion in 2024 due to hacks and scams. Of this, $2.15 billion was stolen through hacks, while scams amounted to $834.5 million. Additionally, $488.5 million of the stolen funds were recovered.
Largest Attacks of the Year
Some of the largest incidents in 2024 included the hack of the Japanese crypto exchange DMM Bitcoin, with losses of $305 million; an attack on PlayDapp ($290 million); and a BTC scam that siphoned off $238 million. Other significant breaches targeted Indian exchange WazirX ($230 million) and Gala Games, losing $212 million.
Types of Attacks and Vulnerabilities
Most of the losses were attributed to decentralized finance protocols. The year saw a rise in attacks exploiting access control vulnerabilities. These vulnerabilities accounted for 78% of all losses, affecting a diverse range of platforms, including DeFi, centralized finance, and gaming/metaverse platforms.
The past year highlights the pressing need for enhanced security in the crypto industry, particularly within decentralized finance. Strengthening defenses and adopting proactive measures could help mitigate the industry's vulnerability to cybercriminals and fraudsters.
