$2.36 Billion Lost in Crypto Hacks in 2024: Is Ethereum Unsafe for You?

The cryptocurrency industry saw significant growth in 2024, making major strides toward mainstream adoption. However, this progress was overshadowed by a surge in security breaches. According to Certik’s annual report, the industry faced 760 security incidents, resulting in over $2.36 billion in losses—an increase of 31.61% compared to 2023.

What’s next in the battle for security?

Rising Cybersecurity Threats

2024 was marked by an increase in the frequency and complexity of cyberattacks. Hackers used more advanced methods, with phishing attacks being the most common form of theft. Phishing accounted for $1.05 billion in stolen funds, with 296 incidents, including three major attacks that stole over $100 million each.

Private key compromises followed closely behind, causing $855 million in losses across 65 attacks. These incidents highlight the growing need for better security as hackers continue to improve their techniques.

Ethereum Hit Hard

Ethereum was the most targeted blockchain, suffering 403 incidents that resulted in $748.6 million in losses. On average, each Ethereum attack led to a loss of $1.85 million. Other blockchains that were hit hard include Bitcoin, with $542.7 million stolen, and Tron, which lost $133 million. The decentralized, multi-chain nature of crypto also made it more vulnerable, with 39 exploits across different blockchains leading to $435 million in losses.

May and Q3: The Most Costly Periods

May was the most expensive month for cyber attackers, with $444 million stolen in 63 attacks. Quarter three was also significant, with $753 million lost across 157 incidents. However, the fourth quarter showed signs of improvement, with a 46.65% reduction in losses compared to the first three quarters. This suggests that the industry is beginning to strengthen its security in response to growing threats.

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2024 Saw Growth Despite Setbacks

Despite the challenges, 2024 was a year of major growth for the cryptocurrency industry. Bitcoin surpassed $100,000 after the U.S. presidential election, and the SEC’s approval of Bitcoin ETFs boosted market confidence.

This growth emphasizes the need for stronger security measures to protect both investors and the general public.

While 2024 may be remembered for its security breaches, it’s also a year that set the stage for a more secure and resilient crypto future. 2025 may bring a change after all.