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Jimmy Aki
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Jimmy Aki
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On January 9, PeckShieldAlert, a blockchain security and forensic platform, revealed that crypto hacks and scams cost $3.01 billion in 2024. This represents a substantial 15% increase compared to the $2.61 billion lost in the crypto industry in 2023, thus indicating a worrying upward trend in cybercrime targeting digital assets.
Crypto Hacks Accounted for $2.15 Billion, While Scams Cost $834.5 Million
In an X post by PeckShieldAlert, out of the total $3.01 billion lost in the crypto industry last year, over 70% came from hacks, with scams accounting for the remaining 30%.
In specific numbers, crypto hacks caused $2.15 billion in damages, while scams led to $834.5 million in losses. Remarkably, $488.5 million of stolen funds were recovered.
Decentralized finance (DeFi) protocols remained the hardest hit, continuing their trend of being attackers’ primary targets.
According to the platform, DeFi’s decentralized structure and reliance on smart contracts made it particularly vulnerable, contributing to most of the industry’s losses.
PeckShieldAlert also provided insights into the monthly breakdown of losses, revealing that May 2024 was the worst month of the year, with damages totaling $662.2 million. July and August followed closely, with losses exceeding $280 million each.
However, the numbers started to decline towards the end of 2024, with December seeing the lowest monthly losses at $46.5 million, possibly signaling better security practices or reduced criminal activity during the year’s end.
The report highlighted some of the biggest crypto hacks and scams that shaped 2024’s numbers.
Japanese exchange DMM Bitcoin topped the list with a devastating $320 million loss due to a private key hack in May. The impact was so severe that the exchange announced plans to cease operations by March 2025.
Another major incident involved PlayDapp, which suffered a $290 million hack and a $238 million Bitcoin scam.
Other high-profile breaches targeted Indian crypto exchange WazirX, which lost $230 million, and Gala Games, with damages amounting to $212 million.
Pig Butchering Crypto Scams Drained $3.6 Billion from Investors in 2024
Similar to the PeckShieldAlert report on crypto hacks and scams in 2024, other blockchain security platforms have also released detailed insights into the industry’s challenges.
According to Web3 security firm Cyvers, pig butchering scams were the most significant threat in 2024, accounting for $3.6 billion in losses.
These scams, which rely on social engineering to manipulate victims into handing over their funds, represent a growing danger to crypto users worldwide.
The Cyvers report also revealed a troubling 40% increase in cyber threats compared to 2023, with 165 incidents causing $2.3 billion in damages.
The scale of these losses aligns with findings from Chainalysis, which reported that crypto hacking incidents surged from 282 in 2023 to 303 in 2024. The total value of stolen funds from hacks also climbed by 21%, reaching $2.2 billion, further cementing hacking as a dominant force behind industry losses.
Immunefi, another leading blockchain security platform, shared additional perspectives. Its data indicated that the crypto industry saw $1.49 billion in losses from crypto hacks and fraud in 2024, a 17% decline from 2023.
However, crypto hacks overwhelmingly dominated, accounting for $1.47 billion or 98.1% of the total losses. Fraud, including rug pulls and scams, represented a smaller share at $28 million, though this category experienced a significant 72% year-over-year increase.
With global losses totaling billions, the crypto industry is at a pivotal moment.
Whether 2025 will reduce incidents or see criminals refine their methods further is yet to be determined. But one thing is certain, the fight against crypto crime must intensify.
