The cryptocurrency industry has experienced a surge in hacks and scams, resulting in billions of dollars in losses. In 2024, the industry lost over $3 billion to cybercrimes, up from $2.61 billion in the previous year. The increased valuation of cryptocurrencies, particularly after Bitcoin reached $100,000, has contributed to this trend. Major incidents have already occurred in 2025, causing millions in damages.

Specific examples of recent hacks include the Phemex exchange, which blocked withdrawals after $30 million was cashed out, and the Dawn Internet Twitter account, used for phishing scams. The UniLend Finance platform also fell victim to a security breach, resulting in the theft of $197,600. OpenSea experienced an email provider breach, exposing 7 million addresses that are now being used for phishing attacks. The official X account of Litecoin was briefly hacked, but the breach was quickly contained.

According to a report by Chainalysis, hackers stole $2.2 billion worth of cryptocurrency in 2024, a 22% increase from the previous year. DeFi protocols and centralized exchanges were the most affected. Notable hacks in 2024 include the DMM Bitcoin exchange losing 4,500 BTC worth over $300 million, the PlayDapp platform losing $290 million worth of PLA tokens, and the WazirX exchange in India being hacked in one of the largest exchange hacks ever.

The motivation behind crypto hacking is primarily profit. The decentralized nature of cryptocurrencies and the difficulty in identifying coin owners make them appealing targets. Fast innovation in the industry leaves many projects vulnerable to hacks, as security checks are often overlooked. State-sponsored groups like North Korea's Lazarus Group are increasingly using crypto hacks, despite sanctions against them. Arrests related to crypto hacks are rare, and recovering stolen funds is challenging.

Efforts to combat cybercriminals include international cooperation between law enforcement agencies and blockchain analytics companies. However, arrests and fund recoveries remain infrequent. Some hackers have voluntarily returned stolen funds, as demonstrated by a group who stole $200 million from a DeFi platform to expose its vulnerabilities. Regulatory initiatives and regional cooperation have been implemented to improve cybersecurity in the crypto space.



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