Losses as high as $2.1 billion! Crypto hacking attacks surge in 2024

In 2024, the losses caused by hacker attacks in the crypto asset sector have exceeded the total for the whole of 2023, setting a new record. The increase in cyber attacks shows that the dangers in the field are increasing day by day, and solutions are urgently needed.

According to a report from the relevant industry, Cyvers played a key role in detecting all the attacks on crypto assets reported in the third quarter of 2024, with about half of the attacks captured by its system.

By using artificial intelligence monitoring, Cyvers' real-time alerts helped prevent further financial losses, showing the importance of advanced tools in protecting digital assets.

In the first three quarters of 2024, the losses caused by hacker attacks on crypto assets reached $2.114 billion, exceeding the total for the whole of 2023. This marks a significant increase of 72% compared with the same period last year, highlighting the increasing vulnerability of both centralized and decentralized platforms.

Here are some “key numbers”:

• January-September 2023: $1.23 billion lost

• Full year 2023: $1.69 billion lost

• January-September 2024: $2.114 billion lost

Centralized finance (CeFi) platforms in particular saw a sharp rise in attacks, with incidents increasing by nearly 1,000% year-over-year. Meanwhile, decentralized finance (DeFi) platforms saw losses fall by 25%, and despite their complex smart contracts and protocols, they remain at risk.

CeFi platforms were hit hardest in 2024, with a 984% increase in hacking incidents on Crypto assets. In the second quarter of 2024 alone, five major incidents resulted in $401 million in losses.

The most notable of these was the DMMBTC exchange vulnerability incident, which resulted in a loss of $305 million. Turkey's BtcTurk and other exchanges such as Lykke and Fixed Float also suffered a $55 million attack.

This wave of CeFi attacks shows that there is a growing need for better security controls and regulatory actions to prevent further losses.

DeFi platforms saw a 25% reduction in losses compared to the same period in 2023. Still, 62 incidents in the second quarter of 2024 still resulted in $171.3 million in losses, with Ethereum and BNBChain continuing to be the main targets of attacks due to their large ecosystems.

At the same time, the total number of hacking incidents surged due to access control vulnerabilities and smart contract vulnerabilities. Only 44 incidents occurred from January to September 2023, while 131 occurred from January to September 2024.

The report calls for the need to strengthen cross-chain security and better real-time threat detection. As Crypto assets face more advanced attacks, including those driven by artificial intelligence, stronger security measures and faster regulatory action are essential to protect assets.

While DeFi losses have decreased, the entire industry remains at high risk. To prevent future losses, it is essential to protect the growing Crypto asset market, improve security, and take more proactive measures.