Crypto hacks surpass $1.2B in 2024, Celsius repays $2.5B: Finance Redefined

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.

This week brought troubling news: Crypto hackers have stolen over $1.2 billion in 2024, a 15.5% increase from 2023. Could they be on pace to exceed the total value stolen in 2023?

In more positive news for investors, bankrupt crypto lender Celsius has finally made two-thirds of its customers whole after repaying $2.53 billion to 251,000 creditors. Celsius owes a total of $3 billion to over 375,000 creditors.

Crypto hackers surpass $1.2 billion stolen in 2024: Immunefi

Cryptocurrency hackers have now stolen over $1.2 billion following hacks in August, raising further concerns about widespread crypto adoption.

The crypto industry saw a total of $1.21 billion worth of digital assets lost to hacks and rug pulls year-to-date in 2024 across 154 individual exploits.

This represents a 15.5% increase compared to the same period in 2023, when losses totaled just over $1 billion, according to an Immunefi report shared with Cointelegraph.

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Celsius distributes $2.5 billion to 251,000 creditors amid bankruptcy proceedings

Celsius has repaid two-thirds of its eligible customers as part of its long-awaited bankruptcy proceedings.

According to an Aug. 26 court filing, the bankrupt crypto lender has repaid approximately $2.53 billion to 251,000 creditors.

The amount represents approximately 84% of the $3 billion worth of assets owed by the defunct crypto lender to over 375,000 creditors.

The bankruptcy payments are a positive development for the expanding crypto industry. They coincide with the bankruptcy proceedings of the Mt. Gox exchange, which owed over $9.4 billion in crypto to 127,000 creditors. After 10 years, these creditors are finally beginning to recover their assets.

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