Over $1.2b lost to Crypto hacks in 2024: Ethereum tops scams list

By Gloria Methri

• New data has revealed which crypto blockchains have been targeted the most by scammers over the last year, with Ethereum being the most affected.
• Although centralised exchanges (CEXs) have been the victim of the largest losses.
• Over $1.2 billion has been lost so far this year to scams and hacks.

The cryptocurrency landscape continues to grapple with rising scams and exploits, with Ethereum named the most affected blockchain in 2024, according to a new analysis by Kryptocasinos.com. As the decentralised finance (DeFi) ecosystem expands, so do the risks, leaving users and platforms vulnerable to increasingly sophisticated attacks.

Cryptocurrency users have already lost more than $1.2 billion this year, highlighting the urgent need for improved security measures. Centralised exchanges (CEXs), often regarded as the gateways to the crypto world, accounted for a staggering 50.13% of the total losses, or $640 million. Despite not being blockchains themselves, CEXs rely on blockchain technology to process transactions, making them attractive targets for hackers.

Ethereum: The Hacker’s Playground

Ethereum, the backbone of many decentralised applications (dApps) and the leading platform for DeFi, was hit hard with over $228 million in losses—17.91% of all stolen funds. The blockchain’s vast user base and the complexity of its smart contracts have made it a magnet for hackers, who exploit loopholes in its ecosystem.

Other notable findings include:

• Binance Smart Chain (BSC): Suffered $89.85 million in losses (7.04% of total). Its popularity in DeFi and fast transaction speeds have also made it a frequent target.
• Blast Blockchain: A newer platform gaining traction but still vulnerable, with $64.36 million lost (5.04% of the total).
• Smaller Blockchains: Collectively accounted for nearly $127 million in losses (9.97%), as their relatively immature ecosystems are more susceptible to exploitation.

Top Scams and Exploits

The report also delved into the largest individual breaches:

1. DMM Bitcoin (Japan): A $300 million hack, marking the third-largest crypto theft in history. The exact method of exploitation remains unclear.
2. WazirX (India): A $230 million access control exploit, making it one of the year’s most significant attacks.
3. Chris Larsen (Ripple Co-founder): Hackers targeted personal assets and stole $112.5 million in an access control breach.
4. Munchables Project: Lost $62.5 million in another high-profile access control hack.
5. BitForex: Faced an exit scam, losing $56 million in what appears to be a coordinated rug pull.

The Evolving Threat Landscape

In 2024, access control exploits and phishing scams dominated the methods used by attackers, underscoring a broader trend in the blockchain security space. As platforms grow in popularity and complexity, the gaps in their defences become more evident.

A spokesperson from Kryptocasinos.com said, “These statistics underline the persistent and evolving nature of security threats in the blockchain space, with both well-established networks like Ethereum and Bitcoin, as well as emerging platforms like Blast and Ronin, facing significant losses. Securing these networks remains one of the biggest challenges as the blockchain industry continues to grow.”

As the cryptocurrency market matures, users and developers must prioritise robust defence mechanisms to protect the burgeoning ecosystem from further attacks. In a year already fraught with billion-dollar losses, the race to secure blockchain networks must keep pace with their rapid adoption.