According to the report, 165 cyberattacks occurred in 2024, causing $2.3 billion in damages, a 40% increase from the previous year. Complex schemes and breaches climbed this year, but the value was still 37% lower than the fraud high in 2022.
Most of that harm was caused by access control breaches; there were 67 occurrences, ttotalling$1.9 billion. In addition to aaddressingpoisoning attacks, which resulted in a single large case of $68.7 million, smart contract vulnerabilities caused losses of $456.8 million over 98 cases. These forms of attack show that con artists are still finding ways to exploit vulnerabilities in blockchain systems and decentralized apps.
Ethereum Blockchain Exploited in $100M Scam
2024 Crypto Hacks Ethereum (eth-0.82%)Scammers used the Ethereum blockchain to cause the most damage. According to Cyvers, the data comprised about 800,000 transactions involving fraudulent activity and 150,000 addresses. AcThecammer could send over 10 enticement payments to victims as part of their grooming methods, and the accessibility of the blockchain was a major component in these fraudulent schemes.
According to Cyvers CEO Deddy Lavid, it is critical to educate about these instances in countries of total access control breaches. Reducing the success rate of these types of frauds also requires more transparency in exchange operations and increased user alertness,
What does it mean to butcher a pig
Pig butch. erring” is a term for the pears repeatedly contacting unsuspecting victims in Toronto who learnt fraudulent 2024 Crypto Hacks schemes. Once confidence is established, smaller sums of money can be in larger pots worth hundreds of millions of dollars, typically in Tether (USDT), through less trustworthy exchanges like Binance, HTX, OKX, Crypto.com, and Coinbase. Laundering illicit funds typically involves using both centralized and decentralized exchanges.
WazirX and DMM Exchange Losses
In one of the biggest hacks of 2024, WazirX lost $235 million due to a flaw in their multi-sig wallet technology, making it one of the most significant attacks of the year. The hacker gained access to the Bitcoin BTC-1.33% Bitcoin hot wallet and stole $305 milliaccessedange. This breach also garnered a lot of attention. Radiant Capital also lost $50 million because hackers gained access to the devices that used the platform. By comparison, hackers stole $52 million from BingX after they gained access to the exchange’s hot wallets and moved the money around in several incidents.
This one shows how many 2024 Crypto Hacks exchanges have persistent security flaws. The rehabilitation effort did manage to make some headway, nonetheless, despite theseDespite these setbacks, thetbacks. In 2024, bug bounty programs and on-chain inved $1.3 billion to victims. According to the analysis, the biggest number of instances occurred in the first quarter of 2024, with 53 cases. Q3 2024 saw the biggest loss, over $760 million, while Q4 showed the least amount of activity and losses.
FAQs
How did Ethereum play a role in the $100 million scam?
Scammers exploited the Ethereum blockchain to conduct fraudulent activities, involving over 800,000 transactions and 150,000 addresses, with enticement payments sent to victims.
What were the major cryptocurrency exchanges impacted by hacks in 2024?
WazirX, DMM Exchange, Radiant Capital, and BingX were all victims of major cyberattacks, with WazirX losing $235 million and DMM Exchange losing $305 million due to vulnerabilities in their systems.
What steps are being taken to address these security breaches?
Bug bounty programs and on-chain investigators like ZachXBT have paid out over $1.3 billion to victims in 2024. Efforts are underway to improve security, but many exchanges still face significant vulnerabilities.
How did cybercrime in 2024 compare to previous years?
The number of cyberattacks increased by 40% from 2023, with 165 incidents causing $2.3 billion in damages, although this was 37% lower than the fraud high of 2022.
