Crypto Under Attack! $1.19 Billion Stolen in Hacks in 2024

In 2024, the crypto world has faced severe losses, exceeding $1.19 billion due to hacks and breaches. July was particularly devastating, with $269.4 million lost in just one month. Centralized exchanges were hit the hardest, with WazirX losing $235 million to hackers. Although decentralized finance (DeFi) frauds are less common, platforms like Ethereum and BNB Chain are still frequent targets.

It’s Been a Tough Year for Crypto

A recent report from Immunefi reveals that the crypto market has endured over $1.19 billion in losses from 149 hacks 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 especially destructive, with $269.4 million lost across 14 incidents—90% more than in June. It was the second worst month of the year, following May’s $358 million loss.

The largest attack involved $235 million stolen from WazirX, a major Indian crypto exchange, allegedly by North Korean hackers. This single incident accounted for 87% of July’s total losses.

Centralized vs. Decentralized: The Impact of Hacks

Centralized finance (CeFi) projects have suffered the most, with $636 million (53.4%) lost in just six attacks. In comparison, decentralized finance (DeFi) platforms faced $554 million (46.6%) in losses from 143 incidents. July’s 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 only $3 million.

Top Targets for Hackers

Ethereum and BNB Chain continue to be the main targets for hackers, together making up 71.4% of all on-chain losses in 2024. Ethereum was hit by seven attacks, making it the most targeted chain, while BNB Chain experienced three attacks, representing 21.4% of the total. Scroll Network and Base Network each suffered one contract breach.

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With billions lost and investor confidence shaken, the industry is at a crossroads. Are you holding?