Cryptocurrency hackers in 2024 surpassed the previous year’s achievements, stealing more than $2.3 billion worth of crypto from the Web3 ecosystem, a concerning sign for the industry’s mainstream acceptance.
Crypto hacks saw a sharp uptick, driven by the appeal of increasing cryptocurrency valuations after Bitcoin (BTC) surpassed the $100,000 mark for the first time on Dec. 6.
Crypto hackers stole over $2.3 billion worth of assets across 165 incidents, marking a 40% increase compared to 2023, when hackers stole $1.69 billion worth of crypto, according to a report shared by onchain security firm Cyvers.
Total annual funds loss. Source: Cyvers
The 40% increase was mainly attributed to the rise of access control breaches, particularly in centralized exchanges (CEXs) and crypto custodians, according to Deddy Lavid, co-founder and CEO of Cyvers.
Lavid told Cointelegraph:
“These incidents were often facilitated by compromised private keys and weak key management systems, exemplified by high-profile hacks such as multi-signature wallets…”
Despite the increase, the $2.36 billion was still 37% below the record $3.78 billion stolen in 2022.
Related: Quantum computing will fortify Bitcoin signatures: Adam Back
Access control breaches resulted in $1.9B lost to crypto hacks
Access control vulnerabilities accounted for $1.9 billion worth of value stolen in 2024, or over 81% of the total amount lost to crypto hacks, across 67 cybersecurity incidents.
Funds loss per attack vector. Source: Cyvers
Smart-contract exploits resulted in $456 million stolen across 98 incidents, as the second-largest attack vector responsible for 19% of the value lost in 2024.
Funds lost per attack vector. Source: Cyvers
To avoid another multi-billion hacking year in 2025, the industry needs to prioritize more robust security practices, such as private key management with offline storage and real-time threat monitoring systems, according to Cyvers’ Lavid, who added:
“By prioritizing education, collaboration, and security innovation, we can significantly reduce these vulnerabilities and foster a safer Web3 ecosystem.”
Related: Top 100 DeFi Hacks:…
..
