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On January 9, PeckShieldAlert, a blockchain security and forensic platform, disclosed that the total value of crypto hacks and scams reached $3.01 billion in 2024. This marks a significant 15% increase compared to the $2.61 billion lost in the crypto sector in 2023, highlighting a concerning upward trend in cybercrime targeting digital assets.
Crypto Hacks Contributed $2.15 Billion, While Scams Resulted in $834.5 Million
In a post on X by PeckShieldAlert, it was noted that over 70% of the total $3.01 billion lost in the crypto industry last year was attributed to hacks, with scams making up the remaining 30%.
Specifically, crypto hacks caused $2.15 billion in damages, while scams resulted in $834.5 million in losses. Notably, $488.5 million of the stolen funds were recovered.
#PeckShieldAlert 2024 has seen a notable resurgence in crypto-related hacking activities. The total loss value in 2024 has surpassed $3.01B, reflecting a ~15% increase over the $2.61B taken in 2023.
This total includes $2.15B stolen from crypto hacks and $834.5M… pic.twitter.com/l58x17TE5m— PeckShieldAlert (@PeckShieldAlert) January 9, 2025
Decentralized finance (DeFi) protocols continued to be the most affected, maintaining their trend as primary targets for attackers.
According to the platform, the decentralized nature of DeFi and its dependence on smart contracts rendered it particularly vulnerable, contributing to a significant portion of the sector’s losses.
PeckShieldAlert also provided a monthly breakdown of losses, indicating that May 2024 was the most damaging month of the year, with losses totaling $662.2 million. July and August followed closely, each with losses exceeding $280 million.
However, the figures began to decline towards the end of 2024, with December recording the lowest monthly losses at $46.5 million, possibly indicating improved security measures or reduced criminal activity as the year concluded.
The report emphasized several of the largest crypto hacks and scams that influenced the figures for 2024.
Japanese exchange DMM Bitcoin topped the list with a staggering $320 million loss due to a private key hack in May. The impact was so severe that the exchange announced plans to cease operations by March 2025.
JAPANESE GIANT TAPS OUT AFTER $300M BITCOIN BREACH
DMM Bitcoin is shutting down after losing 4,502.9 BTC (over $300M) in a May hack.
SBI VC Commerce is acquiring their assets, with the transfer expected to complete by March 2025.
Despite raising ¥55B ($365M) mid-year to remain operational, DMM… pic.twitter.com/8zswP42QWQ— Mario Nawfal’s Roundtable (@RoundtableSpace) December 2, 2024
Another significant incident involved PlayDapp, which experienced a $290 million hack and a $238 million Bitcoin scam.
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Other notable breaches targeted Indian crypto exchange WazirX, which suffered a loss of $230 million, and Gala Games, which incurred damages of $212 million.
Pig Butchering Crypto Scams Extracted $3.6 Billion from Investors in 2024
In line with the PeckShieldAlert report on crypto hacks and scams in 2024, other blockchain security platforms have also released comprehensive insights into the industry’s challenges.
According to Web3 security firm Cyvers, pig butchering scams represented the most significant threat in 2024, resulting in $3.6 billion in losses.
These scams, which utilize social engineering to manipulate victims into surrendering their funds, pose an increasing risk to crypto users globally.
The Cyvers report also indicated a concerning 40% rise in cyber threats compared to 2023, with 165 incidents leading to $2.3 billion in damages.
$3.6 Billion Stolen in 2024’s Pig Butchering Scams
This year saw the crypto landscape shaken by pig butchering scams, which defrauded unsuspecting users out of an astonishing $3.6 billion—most of it on Ethereum.
Read more on @nairametrics at: https://t.co/75rZ5fNOUM
These scams…—
Cyvers Alerts
(@CyversAlerts) December 27, 2024
This year saw the crypto landscape shaken by pig butchering scams, which defrauded unsuspecting users out of an astonishing $3.6 billion—most of it on Ethereum.
(@CyversAlerts) December 27, 2024The scale of these losses aligns with findings from Chainalysis, which reported that crypto hacking incidents increased from 282 in 2023 to 303 in 2024. The total value of stolen funds from hacks also rose by 21%, reaching $2.2 billion, further establishing hacking as a significant factor behind industry losses.
Immunefi, another prominent blockchain security platform, provided additional perspectives. Its data indicated that the crypto sector experienced $1.49 billion in losses from crypto hacks and fraud in 2024, a 17% decrease from 2023.
Nonetheless, crypto hacks overwhelmingly dominated, accounting for $1.47 billion or 98.1% of the total losses. Fraud, including rug pulls and scams, represented a smaller portion at $28 million, although this category saw a notable 72% year-over-year increase.
With global losses amounting to billions, the crypto industry stands at a critical juncture.
Whether 2025 will witness a reduction in incidents or see criminals further refine their tactics remains to be seen. However, one certainty is that the battle against crypto crime must intensify.
The post Crypto Hacks and Scams Cost the Industry over $3 Billion in 2024: Report appeared first on Cryptonews.
