2024 was marked by significant security challenges and scam projects in the cryptocurrency sphere. According to the SlowMist report, there were 410 incidents reported, resulting in losses of $2.013 billion.
Security Challenges in 2024
DeFi was the most vulnerable with 82.68% of breaches. There were 339 cases resulting in a $1.029 billion loss, which is 33.12% more than in 2023. Hackers exploited weaknesses in smart contracts. The greatest losses occurred for Ethereum at $465 million, followed by Binance Smart Chain with $87.35 million losses. The DMM Bitcoin incident was among the largest hacks, resulting in a $330 million loss.
Major Fraud Incidents
In 2024, there were 58 rug pull cases leading to $106 million losses. The largest occurred in the zkSync system at $36.95 million. The most cases were in the BSC system, with SHARPEI being the most notable. Scammers used images of dogs and celebrities to elevate the token's price, which was later sold with a 96% loss.
Need for Regulation
Current incidents emphasize the importance of proper regulation in the cryptocurrency industry. Proposals include mandatory smart contract audits, tightening KYC and AML controls, and creating insurance pools for protection in case of a breach. Recent events show international efforts to combat cyber threats, strengthening the reliability of digital assets.
Despite numerous challenges, cryptocurrencies remain a crucial part of the financial industry. Strong regulation and a safer infrastructure could lead to a new phase of development and increased trust in digital assets.
