Crypto Hacks in 2024: A Look at the $3 Billion in Damages
As we reflect on the year 2024, it becomes evident that blockchain security faced significant challenges, with almost $3 billion lost to crypto hacks, as revealed in Hacken’s latest research report.
The Impact of Access Control Flaws
One striking finding from the data is that access control vulnerabilities were responsible for driving 78% of the losses. These flaws affected various sectors, including decentralized finance, centralized finance, and gaming/metaverse platforms.
Breakdown of Losses
The report highlights that access control vulnerabilities constituted 75% of crypto hack losses, excluding phishing. DeFi accounted for 20.4% of total losses, while CeFi losses made up 30%. The gaming and metaverse sectors also experienced substantial damages, totaling $389 million.
Emerging Trends
Interestingly, losses related to cross-chain bridges saw a significant decrease to $117 million in 2024, down from $330 million in 2023 and $1.9 billion in 2022. Additionally, there was a rise in DNS hijacking incidents, underscoring the importance of robust security measures for crypto projects.
Data Sources
Hacken assures that the data presented in the report was gathered from verified sources, including crypto project reports, post-mortems, and databases.