In 2024, the crypto world was shaken by attacks: Stolen assets reached a record high.

In 2024, the crypto sector faced a loss of $3.01 billion, according to a report by PeckShield. Hacks and frauds continued to undermine investor confidence, particularly in the decentralized finance space.

Hacks and Fraud Incidents Deeply Shook the Crypto Sector

The year 2024 was challenging for the cryptocurrency ecosystem due to cyberattacks and fraud cases. According to the latest report published by blockchain security company PeckShield, the total loss across the sector reached $3.01 billion. This figure exceeds the $2.61 billion loss recorded in 2023 by 15%, bringing security concerns back to the forefront.

In a detailed analysis shared by PeckShield on social media, it was noted that $2.15 billion of the total loss stemmed from hacking attacks, while $834.5 million was due to fraudulent activities. Of the funds stolen in these incidents, $488.5 million was recovered.

The most striking case of 2024 was the $305 million loss suffered by the Japanese crypto exchange DMM Bitcoin. This was followed by the $290 million loss of the PlayDapp platform and a $238 million Bitcoin fraud. The India-based WazirX exchange faced a loss of $230 million, while Gala Games incurred a loss of $212 million.

The highest loss of the year occurred in May, amounting to $662.2 million. Losses exceeding $280 million were also experienced in July and August. In the last month of the year, losses significantly decreased to $46.5 million.

Experts from the Web3 security company Hacken observed a notable increase in attacks targeting access control vulnerabilities in 2024. These security flaws accounted for 78% of the losses experienced last year, affecting a wide range from decentralized finance protocols to gaming platforms.