2024 Crypto Scams and Hacks Skyrocket to $3 Billion
According to blockchain reports Safety According to data from PeckShield, security breaches in the cryptocurrency space increased dramatically in 2024, with losses totaling $3.01 billion.
This is a 15% increase from $2.61 billion in 2023, reflecting the growing vulnerability of the fast-paced digital asset market.
peco shieldof Cryptocurrency Losses Breakdown in 2024
Analysis by PeckShield shows that most of the losses in 2024 will come from cryptocurrency hacking attacks, with losses reaching $2.15 billion, accounting for 71% of the total. The remaining $834.5 million came from various Scamsuch as phishing attacks, Ponzi schemes and fraudulent investment platforms.
Despite the heavy losses, efforts to recover the stolen funds have had some success. Valued at approximately $488.5 million, according to PeckShield cryptocurrency Recycling via blockchain tracking and enforcement actions.
The report also highlights the top 10 robberies of the year, highlighting the sheer scale of individual incidents. These include violations of decentralized finance (Decentralized Finance) platform conducts targeted attacks on major exchanges. Notable events include:
- AlphaX Decentralized Finance hacker — $320 million stolen in February.
- Lumos Bridge exploit — $250 million was consumed in July.
- DeltaTrade exchange violation — $180 million stolen in October.
These high-profile cases illustrate ongoing security challenges in the DeFi ecosystem. This shows that the industry remains a prime target for hackers due to its open source nature and large number of digital assets.
Monthly trends in hacker activity
The bar chart accompanying the report shows the distribution of losses throughout the year. As shown in the chart below, spikes were observed in March and September, coinciding with periods of major protocol vulnerabilities and heightened market activity.
The increase in attacks over these months demonstrates the need for ongoing security audits and real-time monitoring smart contract. Although the hackers caused damage, Scam also played an important role. Scammers are taking advantage of the growing popularity of cryptocurrencies, targeting inexperienced users with promises of high returns.
One of the biggest scams this year involved a fake investment platform that stole $140 million from unsuspecting investors and then disappeared. This incident reflects the importance of public education and thorough due diligence in mitigating risk.
The surge in cryptocurrency-related crimes has drawn the attention of regulators and law enforcement agencies around the world. In November, the French National Gambling Authority (AJ) launches investigation into fraudulent cryptocurrency operations. Elsewhere, FBI Work closely with blockchain analytics companies to recover stolen funds and prosecute perpetrators.
PeckShield’s report highlights the importance for cryptocurrency market participants to remain cautious as the industry continues to evolve.
“The crypto Wild West is alive and well. Losing $3 billion in 2024 shows the stakes are higher than ever. It’s time to strengthen these digital defenses or risk becoming vulnerable.” A user on X commented.
Disclaimer
follow trust project BeInCrypto is committed to fair and transparent reporting. This news article is designed to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on the content of this article. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
