Crypto Hacks Cost Over $1.2 Billion in 2024: Ethereum Ranks Highest in Scams List
New data has just been released showing that over $1.2 billion has been lost to crypto scams and hacks in 2024, with Ethereum taking the top spot as the most targeted blockchain. While centralised exchanges (CEXs) have also faced substantial losses, accounting for over 50% of the total funds stolen.
The cryptocurrency world is no stranger to scams and attacks, and with the expansion of the decentralised finance (DeFi) ecosystem, the risks have only increased. This year alone, users have lost more than $1.2 billion, highlighting the urgent need for enhanced security measures across the board.
Ethereum, known for its smart contracts and role in the DeFi space, has been hit the hardest, with over $228 million in losses, making up nearly 18% of the total funds stolen. The complexity of its ecosystem and large user base have made it a prime target for hackers looking to exploit vulnerabilities.
In addition to Ethereum, other blockchains have also suffered significant losses. Binance Smart Chain (BSC) experienced $89.85 million in losses, while Blast Blockchain, a newer platform, lost $64.36 million. Smaller blockchains collectively accounted for almost $127 million in losses due to their less mature ecosystems.
Some of the largest individual breaches include a $300 million hack targeting DMM Bitcoin in Japan, a $230 million access control exploit on WazirX in India, and a $112.5 million access control breach affecting Chris Larsen, co-founder of Ripple. These high-profile attacks showcase the evolving methods used by hackers to breach security measures.
As the threat landscape continues to evolve, access control exploits and phishing scams have become more prevalent in 2024. This trend underscores the importance of strengthening security measures across all platforms, from well-established networks like Ethereum and Bitcoin to newer players like Blast and Ronin.
A spokesperson from Kryptocasinos.com emphasised the need for ongoing vigilance and robust defence mechanisms in the blockchain space. With the industry growing rapidly, securing networks and protecting users from attacks remains a top priority for both developers and users alike. In a year already plagued by significant losses, staying informed and proactive in addressing security threats is crucial for the long-term stability and success of the cryptocurrency market.
