Cryptocurrency industry suffers losses of US$3 billion from hacker attacks in 2024

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Cryptocurrency industry suffers losses of US$ billion from hacker attacks
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Cryptocurrency industry suffers losses of US$3 billion from hacker attacks in 2024
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You hacker attacks continued to cause billion-dollar damage in 2024, according to data from PeckShield. In total, the actions of criminals had a US$3 billion in losses last year.

According to PeckShield, the value was 15% higher than the US$2.61 billion recorded in 2023. The report divides cryptocurrency crimes into several types. Hacker attacks, for example, reached US$2.15 billion, more than 70% of total losses. Furthermore, they had an increase of 42.38% compared to the US$ 1.51 billion registered in 2023.

As for blows of another nature, such as phishing, contributed US$834.5 millionaccording to the security company’s annual report.

If the value stolen increased, the recoveries of cryptocurrencies fell, reaching US$488.5 milliona decline of 27.62% compared to the US$674.9 million recovered in 2023. In other words, it is more difficult to recover funds stolen in hacker attacks.

DeFi under attack

Decentralized finance (DeFi) protocols remained the most vulnerable as their inherent weaknesses continued to attract cybercriminals. Peckshield identified May as the most devastating month, with losses from attacks on DeFi protocols reaching US$662.2 million.

December, however, saw a notable decline, with losses dropping to $46.5 million — the lowest monthly total of the year.

The biggest hacker attack of 2024 occurred against the Japanese exchange DMM Bitcoin, which lost $305 millionfollowed by a $290 million PlayDapp breach and a $238 million Bitcoin scam.

In the latter case, the Lazarus group is named as the perpetrator of the crime. The Bitcoin scam involved a Genesis lender who was the victim of a social engineering attack by scammers posing as Google support. The invaders stole 4,064 Bitcoins (BTC)according to onchain detective ZachXBT.

The Indian cryptocurrency exchange WazirX and Gala Games also suffered substantial losses, with US$230 million and US$212 million stolen, respectively.

Last week, blockchain security firm CertiK warned about the growing threat of phishing scamswhich have emerged as the most significant security challenge of 2024.

Cryptocurrency industry suffers losses of US$3 billion from hacker attacks in 2024

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Cryptocurrency industry suffers losses of US$3 billion from hacker attacks in 2024

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Cryptocurrency industry suffers losses of US$3 billion from hacker attacks in 2024

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