The cryptocurrency world faces increasing security threats, leading to growing losses. According to PeckShield's report, losses reached $3.01 billion in 2024, reflecting a 15% increase from the previous year.
Rising Cyber Attacks on Cryptocurrency
The crypto market suffered $2.15 billion in losses due to hacking incidents in 2024. Additionally, $834.5 million was attributed to fraud and other malicious activities. PeckShield highlighted the vulnerabilities within the crypto market exploited during the attacks.
Major Hacks Throughout the Year
The ten largest hacking incidents in 2024 resulted in hundreds of millions of dollars in losses. Notably, the DMM Bitcoin hack resulted in a $305 million loss, followed by PlayDapp at $290 million and a Bitcoin scam totaling $238 million.
Need for Enhanced Security Measures
Rescue efforts following hacks and frauds remained limited. Although $488.5 million of the stolen assets were recovered, this represents only a small fraction of total losses. DeFi users, in particular, were heavily impacted. Security issues within the crypto market underscore the need for greater caution and more regulations.
The PeckShield report emphasizes the need for enhanced security measures and regulations. Security remains a top priority for protecting user interests.
