Decline in 2024 Crypto Hacking and Fraud Losses by 20%

In 2024, losses from crypto hacks and fraud declined by 20% compared to the previous year, with over $473 million in losses across 108 incidents. May 2024 saw $52.4 million in losses, a 12% decrease from May 2023. Hacks were the primary cause, accounting for $50.6 million, while fraud resulted in $1.75 million. Ethereum and BNB Chains were the most targeted chains, with Ethereum experiencing the highest number of attacks.

In the dynamic world of cryptocurrencies, the ever-present threat of hacks and fraud has persisted, albeit with a noticeable decline in 2024. According to a recent report by Immunefi, a security service provider, total losses from crypto hacks and fraud amounted to $473 million across 108 incidents last year [1]. This figure represents a 20% decrease compared to the previous year's losses of over $600 million [2].

One of the most significant contributors to these losses was the decentralized finance (DeFi) market, which experienced a sharp increase in attacks in 2023. However, in 2024, centralized finance companies remained untouched by hackers, with no reported incidents [1]. Ethereum, the largest DeFi network, was the most targeted chain, accounting for 43% of the total losses [1].

May 2024 saw a decrease in losses compared to May 2023, with $52.4 million stolen, marking a 12% decline [1]. The majority of these losses, approximately $50.6 million, were attributed to hacks, while fraud accounted for a relatively smaller portion, totaling $1.75 million [1]. Notably, the Gala Games and SonneFinance hacks in May 2024 were among the most significant, with losses totaling $21 million and $20 million, respectively [1].

Despite the decline in losses, the crypto industry remains vigilant against potential threats. With the total losses to hacks and exploits reaching over $2 billion in 2022 [1], it is crucial for both individuals and organizations to prioritize security measures to protect their investments.

References:

[1] https://www.coindesk.com/business/2024/05/30/crypto-hacks-rug-pulls-led-to-473m-worth-of-losses-in-2024-immunefi/
[2] https://www.coindesk.com/business/2023/02/07/three-crypto-predictions-in-2024/