2024 Sees Major Crypto Hacks A Look at Top Incidents and 156 Billion Stolen

The cryptocurrency realm in early 2024 has been a tumultuous journey marked prominently by a surge in high-profile cyber breaches. Shockingly, Peckshield’s latest H1 annual report reveals over 200 significant incidents, tallying losses of $1.56 billion, with only $319 million recovered despite vigorous retrieval efforts. This marks a staggering 293% increase from the same period in 2023, when losses totaled $480 million.

DeFi protocols have emerged as prime targets, accounting for $81 million (59% of total losses). Exploiting the intricate smart contract codes inherent in these decentralized finance platforms, hackers find them particularly vulnerable. Flash loan attacks constitute 24% of these breaches, leveraging unsecured loans, while the remaining 76% involve complex methods to breach security.

Attacks have swept across more than 20 public blockchains, with Ethereum, Bitcoin, and XRP suffering the most substantial losses. Ethereum and BNB Chain were most frequently targeted, each accounting for 31.3% of attacks, followed by Arbitrum at 12.5%.

The standout breaches of H1 2024 include:

1. **DMM Bitcoin**
– **Loss Amount:** $305 million
– The largest breach of early 2024 targeted DMM Bitcoin, a major exchange, through a sophisticated phishing scheme exploiting essential access codes obtained from employees.

2. **PlayDapp**
– **Loss Amount:** $290 million
– The PlayDapp cryptocurrency gaming platform fell victim to a flash loan attack, manipulating token prices via smart contracts to drain liquidity pools.

3. **Gala Games**
– **Loss Amount:** $212 million
– Gala Games, a burgeoning gaming and NFT marketplace, suffered a breach via social engineering tactics and smart contract exploits, resulting in the theft of valuable NFTs and tokens.

4. **Chris Larsen**
– **Loss Amount:** $112.5 million
– Co-founder of Ripple, Chris Larsen, saw personal security compromised due to mishandling of private keys, resulting in substantial cryptocurrency losses.

5. **BTCturk**
– **Loss Amount:** $100.25 million
– BTCturk, a Turkish exchange, experienced a significant breach that bypassed multi-factor authentication, enabling access to hot wallets and substantial client fund withdrawals.

As the cryptocurrency market continues its trajectory, so do the threats posed by hackers. Heightened security measures, rigorous smart contract audits, and enhanced personal security practices are crucial defenses against evolving threats.

**Read More:**
– Protecting Your Digital Assets: Q2 2024 Crypto Thefts and Scams Analysis

**Tags:**
Hack