A report by PeckShieldAlert revealed that crypto hacks and scams caused $3.01 billion in losses in 2024, a 15% increase from 2023.
Hacks accounted for $2.15 billion, while scams resulted in $834.5 million in damages. Despite the massive losses, $488.5 million of stolen funds were recovered.
DeFi Protocols Face the Worst Impact
Decentralized finance (DeFi) protocols were the primary targets, with their reliance on smart contracts making them vulnerable.
May 2024 was the worst month, recording $662.2 million in damages. Losses declined towards the year’s end, with December seeing the lowest at $46.5 million.
Major Hacks of 2024
Some of the biggest incidents included:
- DMM Bitcoin: Lost $320 million due to a private key hack, leading to its closure by March 2025.
- PlayDapp: Suffered $290 million in a hack and $238 million in a Bitcoin scam.
- WazirX: Lost $230 million in a significant breach.
- Gala Games: Damages totaled $212 million.
Pig Butchering Scams Drain $3.6 Billion
Cyvers, another security platform, highlighted the rise of pig butchering scams, which swindled $3.6 billion in 2024.
These scams use social engineering to trick victims into handing over funds, with most of the losses occurring on Ethereum.
Rising Threats and Industry Response
Reports from Chainalysis and Immunefi show an increase in hacking incidents, with hacks accounting for the majority of losses. Fraud and rug pulls, though smaller in scale, saw a significant rise in 2024.
The crypto industry faces mounting pressure to enhance security measures and combat cybercrime as losses continue to grow.
Whether 2025 will bring better protections or more sophisticated attacks remains uncertain.
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