In a year marked by major cryptocurrency heists and scams, blockchain security firm PeckShield reports that 2024 saw over $3 billion in crypto-related losses, with a silver lining of $488.5 million successfully recovered from thieves.
According to PeckShield's 2024 Crypto Security Annual Report, total losses reached $3.01 billion, representing a 15% increase compared to 2023. Hacks accounted for $2.15 billion, while scams resulted in $834.5 million in losses.
May emerged as the most devastating month, with losses peaking at $662.2 million, followed by January with $440.8 million. The two largest incidents involved DMM Bitcoin losing $305 million and PlayDapp suffering a $290 million exploit.
The decentralized finance (DeFi) sector remained particularly vulnerable, accounting for most losses despite an overall decline in incident numbers over the past three years.
December offered some respite, with losses dropping to $28.6 million - the lowest monthly figure in 2024, according to security firm CertiK. The largest single incident that month was the Gempad exploit at $2.14 million.
Phishing attacks continued to plague the crypto space throughout the year. In one notable case, hackers compromised Animoca Brands CEO Yat Siu's social media account to promote a fraudulent token, stealing $500,000 from users. Another sophisticated campaign used fake Zoom links to install malware, resulting in over $1 million in losses.
The latest threat involves cybercriminals impersonating tech companies through fake job offers to deploy cryptocurrency mining malware. These attacks demonstrate the evolving tactics used by bad actors in the crypto space, even as recovery efforts show promising results in combating digital asset theft.