Crypto Hacks and Scams Cost $3B in 2024

Reports of crypto hacks and scams were viral in 2024. But how much damage did these fraudsters cause? 

A new report by Peckshield, a blockchain security firm, claims crypto hacks and scams cost the industry over $3 billion. That’s way more than we’ve seen in other years. As per a Peckshield post, hackers stole $400 million more in 2024 than in the previous year.

The security firm tweeted, “2024 has witnessed a significant resurgence in crypto-related hacking activities. The total value of loss in 2024 has exceeded $3.01B, reflecting a ~15% increase over the $2.61B stolen in 2023.

This total includes $2.15B stolen from crypto hacks and $834.5M stolen from scams. Notably, ~$488.5M worth of stolen cryptos has been recovered.”

With cryptocurrency going mainstream in 2024, hackers increased their presence in the space. Multiple security firms have reported these illicit activities.

Chainalysis, for example, values these crypto hacks at over $2 billion. Their report also listed decentralized platforms as a major target for hackers. Certik, another blockchain security firm, noted that phishing attacks were the most prevalent forms of attacks in 2024.

There were over 250 phishing incidents in 2024, wiping off more than $1 billion from crypto platforms. Interestingly, some experts believe crypto platforms could face increased danger in 2025 with crypto set to enjoy more mainstream support.

Litecoin X suffers hack

Litecoin recently suffered a hack on its official X handle. The attackers leveraged the hack to promote a false Litecoin token on the Solana network. The Litecoin team said the hack was caused by a compromised delegated attack and that the hack had been resolved.

However, the situation could be a sign of things to come. The Litecoin X hack was one of the growing attacks on social media platforms belonging to crypto platforms. These hackers, in controlling social media handles, seek to push fake tokens and scam unsuspecting users.

Last year, Eigenlayer suffered an attack on its X handle. The hacker seized the moment to push a fake airdrop campaign. Cardano also suffered a similar hack on December 8, as well as Yat Siu, co-founder of Animoca Brands.

These situations call for better security measures among crypto platforms. Beyond that, users must also exercise great caution when interacting on social media platforms. Watch out for grammatical inaccuracies in some posts. Read this article for a detailed guide on protecting your coins from hacks.

Disclaimer

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