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Over $1 Billion Stolen in 2024
In 2024, the cryptocurrency world faced severe losses, exceeding $1.19 billion due to cyber attacks and breaches. July was particularly devastating, with $269.4 million lost in a single month. Centralized exchanges were hit the hardest, with WazirX loffering $235 million to hackers. While decentralized finance (DeFi) scams are less common, platforms like Ethereum and BNB Chain are still frequent targets.
It’s been a tough year for cryptocurrencies
A recent report by Immunity reveals that the cryptocurrency market has suffered losses of over $1.19 billion due to 149 cyber attacks and scams this year. This represents a 16.3% increase compared to the same period in 2023, when losses were $1.02 billion. July was particularly destructive, with $269.4 million lost in 14 incidents, 90% more than June. It was the second-worst month of the year, after the $358 million loss in May.
The largest attack involved $235 million stolen from WazirX, a major Indian cryptocurrency exchange, allegedly by North Korean hackers. This single incident accounted for 87% of July’s total losses.
Centralized vs. Decentralized: The Impact of Cyber Attacks
Centralized finance (CeFi) projects suffered the most, with $636 million (53.4%) lost across just six attacks. In comparison, decentralized finance (DeFi) platforms faced $554 million (46.6%) in losses from 143 incidents. July data shows that hacks were primarily responsible for the majority of losses, accounting for 98% of the $266.4 million reported, while fraud, scams, and rug pulls contributed just $3 million.
Hackers’ main goals
Ethereum and BNB Chain continue to be top targets for hackers, together accounting for 71.4% of all on-chain losses in 2024. Ethereum has been hit by seven attacks, making it the most targeted chain, while BNB Chain has suffered three attacks, accounting for 21.4% of the total. Scroll Network and Base Network have each suffered one contract breach.
Read also: Warning: The Casper network has been the victim of a cryptocurrency hack!
With billions lost and investor confidence shaken, the industry is at a crossroads. Are you holding firm?