Key Takeaways
- Crypto hacks in 2024 total $1.48 billion, despite a 15% drop from 2023.
- Rising crypto values and DeFi activity increase the risk of sophisticated attacks.
- Proactive security measures are crucial to protect the industry’s growth and credibility.
Cryptocurrency hackers continue to harm the industry’s reputation, as the annual value stolen through hacks approaches $1.5 billion. Crypto criminals stole more than $71 million in digital assets in November, according to an Immunefi study shared with Cointelegraph.
According to the estimate, the total cryptocurrency value stolen in 2024 will be more than $1.48 billion year-to-date (YTD).
“In total, we have seen a loss of $1,489,921,677 from hacks and rug pulls in 2024 YTD across 209 specific incidents. This is a 15% drop over the same time in 2023 when losses reached $1,757,680,745.”
The 15% decline compared to 2023 YTD is a positive indicator for cryptocurrency investors, as it alleviates fears that crypto hackers would steal more than the previous year.
However, the sector must be watchful to avoid an increase in losses since one assault may result in “massive damage,” according to Mitchell Amador, founder and CEO of Immunefi.
Amador informed that:
“The industry is only one attack away from catastrophic destruction. While damages from cryptocurrency breaches have dropped in recent years, risks remain, and hackers continue to develop. This is demonstrated by their ability to infiltrate projects, corrupt hot wallets, and attack vulnerabilities in the darkest corners of the network.”
Growing Cryptocurrency Prices Attract More Crypto Hackers.
The rising value of the leading cryptocurrencies, along with the surging total value locked (TVL) in decentralized finance (DeFi), makes the market more tempting to hackers.
The nearly 164% growth in TVL since the end of 2023 necessitates more attention among investors and crypto entrepreneurs.
“This surge also highlights the increasing risks, as the growing volume of funds in the ecosystem creates an even more attractive target for hackers,” Amador told reporters.
“Vigilance and proactive security measures are essential to protect projects and users moving into 2025,” he claimed.
Looking at the month’s major occurrences, the $25.5 million Thala hack was the most significant, but fortunately, the protocol was able to recover all funds lost due to the farming flaw. The $21 million DEXX breach, which took place on November 18, was the month’s second-largest occurrence, affecting approximately 900 individual investors. As of June, the crypto sector has suffered over $19 billion in damages from 785 documented breaches and attacks during the previous 13 years.
Conclusion
Crypto hacks have dropped in 2024, but $1.48 billion stolen so far shows the industry is still vulnerable. As crypto prices and DeFi activity grow, hackers are getting more advanced. The sector can’t afford complacency—one major breach could shake investor confidence and stall progress. Stronger security and better risk management aren’t optional—they’re key to keeping crypto safe and credible long-term.
