Crypto scams and hacks surpass $3b in 2024, up 15% from 2023

Crypto investors faced a tough 2024 as hacks and scams exploited weaknesses, costing billions in losses.

Crypto-related hacks and scams cost the industry $3.01 billion in 2024, reflecting a 15% rise from $2.61 billion in 2023, according to data published by PeckShield.

In an X post on Thursday, Jan. 9, the blockchain forensic firm revealed that of the total losses, $2.15 billion came from hacks, while scams accounted for $834.5 million. Approximately $488.5 million of stolen funds were recovered.

According to PeckShield, more than 70% of the losses were caused by hacks, with scams making up the remaining 30%. Decentralized finance protocols still remain the biggest target, contributing the majority of the losses, as shown by a consistent year-on-year dominance over centralized finance.

Some of the largest heists of 2024 include the hack of Japanese crypto exchange DMM Bitcoin, which lost $305 million, followed by PlayDapp ($290 million) and a BTC scam that siphoned off $238 million. Other multi-million breaches targeted Indian crypto exchange WazirX ($230 million) and Gala Games ($212 million).

Monthly data shows that May was particularly devastating, with total losses peaking at $662.2 million. July and August also saw heavy activity, with losses exceeding $280 million each. However, the later months showed a gradual decline, with December recording the lowest losses at $46.5 million.

As analysts at web3 security firm Hacken earlier noted, attacks exploiting access control vulnerabilities surged sharply in 2024. Per the firm, these flaws accounted for 78% of the losses last year, affecting a wide range of sectors, including decentralized finance, centralized finance, and gaming/metaverse platforms.