Over $2.3 Billion Stolen in Crypto Hacks and Frauds in 2024
Author: Content Editor
The crypto industry has experienced over $2.3 billion in losses due to hacks and frauds this year, a 40% increase from the previous year. Access control vulnerabilities were responsible for 81% of the stolen funds, with Ethereum being the most affected blockchain. "Pig Butchering" scams, elaborate fraud schemes, swindled over $3.6 billion from users, primarily on Ethereum. Smart contract vulnerabilities, particularly in DeFi, were also prevalent. The year's largest incidents included the hack of Indian exchange WazirX, resulting in a loss of $234.9 million, the multi-chain attack on Radiant Capital, resulting in a loss of over $50 million, and the compromise of a private key at Japanese exchange DMM Bitcoin, leading to its closure. Inadequate key security and centralized platforms were highlighted as high-risk areas. The crypto industry must prioritize adopting advanced security measures and implementing real-time monitoring and detection mechanisms to effectively address ongoing threats.