The cryptocurrency sector faced a daunting year in 2024, with losses from hacking activities and scams surging to $3.01 billion, a 15% increase compared to the $2.61 billion recorded in 2023. This resurgence in illicit activities marks a concerning trend after the sector saw a dip in thefts the previous year.
According to PeckShield, the losses comprise $2.15 billion from crypto-related hacks and $834.5 million from scams, highlighting the industry’s persistent vulnerabilities. Despite these staggering figures, law enforcement and recovery efforts have made notable progress, with approximately $488.5 million worth of stolen assets successfully retrieved.
The decentralized finance (DeFi) sector remains the primary target, consistently accounting for over 70% of the total losses. The attached data indicates a growing focus by bad actors on DeFi protocols, exploiting vulnerabilities in smart contracts and platform infrastructure. In contrast, centralized finance (CeFi) platforms showed improved resilience but still suffered significant breaches.
Top Heists of 2024
Major attacks contributed heavily to the total losses, with DMM Bitcoin leading the list at $305 million, followed by PlayDapp at $290 million and a Bitcoin scam siphoning $238 million. These large-scale thefts underscore the evolving sophistication of attackers and the need for robust countermeasures across the crypto ecosystem.
While the total number of hacks and scams has seen a gradual decline since 2022, the value of stolen assets has remained high, emphasizing the scale and precision of recent attacks. Monthly breakdowns reveal spikes in May ($662.2 million) and July ($315.9 million), driven by high-profile heists.
As the crypto industry continues to grow, stakeholders face mounting pressure to enhance security measures and implement effective regulatory frameworks. The recovery of $488.5 million offers a glimmer of hope, signaling advancements in forensic blockchain analysis and collaborative enforcement efforts. However, with losses from hacks and scams still outpacing recovery rates, safeguarding digital assets remains a top priority for 2025 and beyond.
This resurgence of crypto theft serves as a stark reminder of the persistent risks in an increasingly digital financial world, demanding vigilance from both users and platforms alike.
