Alarm bells continue to ring in the realm of crypto security. According to an annual report published by PeckShield, total losses reached $3.01 billion in 2024, marking a 15% increase from the $2.61 billion lost in 2023. Remarkably, $488.5 million of the stolen cryptocurrency was recovered.
Rising Cyber Attacks on Cryptocurrency
The report indicates that the crypto market suffered $2.15 billion in losses due to hacking incidents in 2024. Additionally, $834.5 million was attributed to fraud and other malicious activities. PeckShield highlighted the vulnerabilities within the crypto market that were exploited during the attacks.
Compared to previous years, hack attacks have increasingly targeted decentralized finance (DeFi) protocols. In 2024, decentralized protocols became the most affected area due to hacking incidents. The data reveals that fraudulent cases accounted for 71% of the total losses, continuing to present significant opportunities for attackers.
Major Hacks Throughout the Year
The ten largest hacking incidents in the crypto market during 2024 resulted in hundreds of millions of dollars in losses. Notably, the DMM Bitcoin 
$91,790 hack stood out with a loss of $305 million, followed by PlayDapp at $290 million and a Bitcoin scam totaling $238 million.
Rescue efforts following the hacks and frauds remained limited. Although $488.5 million of the stolen assets were recovered, this represents only a small fraction of the total losses. DeFi users, in particular, continue to be heavily impacted by such incidents.
The security issues within the crypto market underscore the need for users to exercise greater caution. The PeckShield report emphasizes the necessity for more regulations and security measures.
