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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Jan 06, 2025 05:39 UTC
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Crypto Hack Report of 2024: $2.3 Billion Stolen, Phishing Remains Top Threat
Phishing attacks were the most prevalent and damaging in 2024, accounting for $1.05 billion in losses.
ith 296 instances in 2024, the average loss per phishing attack reached $2.8 million.
High-profile hacks like the WazirX incident and the increasing sophistication of attacks, such as those exploiting multi-signature wallets.
The cryptocurrency world faced a storm of attacks in 2024, with hackers stealing $2.3 billion through on-chain thefts. This marked a sharp 31.61% increase compared to 2023, highlighting the persistent risks in the crypto space.
This report covers the major hacking incidents of the past week, key phishing scams, and what lies ahead for 2025.
2024: A Record Year for Crypto Breaches
In 2024, hackers turned their attention to cryptocurrency with unmatched intensity. CertiK’s annual report revealed 760 security breaches, resulting in losses of nearly $2.36 billion. These attacks became more frequent and aggressive, utilizing various methods to exploit vulnerabilities.
Among these, phishing attacks stood out as the most common and lucrative, accounting for a significant portion of the stolen funds.
Phishing: The Crypto World’s Biggest Threat
Phishing scams caused $1.05 billion in losses in 2024, representing 40% of all stolen crypto. With 296 incidents recorded, the average loss per case was $2.8 million.
Phishing attacks surged by a staggering 328% from 2023, cementing their place as one of the most dangerous threats in the industry. Unlike traditional scams, phishing takes advantage of the irreversible nature of cryptocurrency transactions, making it nearly impossible for victims to recover their funds.
India’s Crypto Market Shaken by Scams
In India, security concerns continued to grow. CoinDCX CEO Sumit Gupta hinted at potential acquisitions to rebuild trust and help recover losses from incidents like the WazirX hack. Gupta’s tweets highlighted the increasing prevalence of cyber threats in India’s crypto space, where major breaches have left investors wary.
One alarming scam involves fraudsters pretending to be legitimate users in YouTube comment sections. These scammers showcase wallets with large balances and trick victims into paying small gas fees, only to steal more through multi-signature wallets.
Superchain Ecosystem’s Twitter Hack
The Superchain Ecosystem’s official Twitter account was hacked, with attackers posting malicious links to steal user information. Although Superchain regained control, the incident served as a stark reminder of the dangers users face online. The company issued urgent warnings to avoid clicking on the fraudulent links.
Never Miss a Beat in the Crypto World!
Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.
As we move into 2025, there is hope for stronger security measures to protect digital assets and create a safer environment for investors.
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