- The 2024 hacks affected a wide variety of sectors in the crypto industry
- The cumulative crypto industry hacks of 2024 are double those of 2023
The 2024 hacks were more extensive than 2023, not only in terms of areas of attack but also in terms of financial losses. Specifically, according to a Cyvers report, the crypto industry lost ~$2.3B, which is double last year’s ~$1.6B.
Some of the most significant hacks include DMM Bitcoin, PlayDapp, WazirX, Ripple co-founder Chris Larsen, Orbit Chain, BtcTurk, and Radiant Capital.
More About the Major Hacks of 2024
DMM Bitcoin. A security incident involving Japanese cryptocurrency exchange DMM Bitcoin occurred in May 2024. The method of the hack remains unconfirmed, but the loss amounted to over 4509 BTC worth ~$308M. This was a cancerous event for the company, as it led to the company being forced to suspend spot trading and transfer customer accounts and deposit assets to SBI VC Trade, the crypto arm of financial giant SBI Holdings.
PlayDapp. The crypto-gaming platform PlayDapp suffered a double hacking attack in February 2024. This time, the attack exploited a private key vulnerability, and as a result, the attackers were able to steal $290M in PLA tokens collectively. It’s worth noting that the platform has announced a generous reward for the recovery of the funds, but there are still no results.
WazirX. Indian crypto exchange WazirX has become a high-profile hack in the crypto industry, and its updates have also become big news several times. The key to this story was the scale of the ~$235M. While the fallout from the hack is still ongoing, the exchange’s parent company, Zettai Pte Ltd, filed an application with the Singapore High Court to convene the Scheme Meeting.
Ripple co-founder Chris Larsen. The very beginning of the year was a challenge, though not for the entire Ripple company, but up to one of its central figures – co-founder Chris Larsen. In particular, Chris Larsen was targeted by hackers on January 30, resulting in a loss of $116M, but commented on ‘unauthorized access to a few of my personal XRP accounts,’ highlighting that it was not related to Ripple’s security.
Orbit Chain. Also, on January 1, DeFi, specifically the cross-chain bridge project Orbit Chain, took a hit. As a result, the attackers withdrew Ethereum and the stablecoin DAI to the tune of ~80M, after which they used the Tornado Cash mixer and plunged into silence.
BtcTurk. Turkish crypto exchange BtCTurk fell victim to an attack on June 22, 2024. Hackers managed to steal 1.96M AVAX worth ~$54.2, but MBtCTurk was quick to reassure users that they keep most of their funds in cold wallets and that they are safe. It’s also worth noting that Binance CEO Richard Teng came to the rescue and said his exchange had frozen $5.3M in stolen funds to assist BtcTurk’s efforts.
Radiant Capital. DeFi Radiant Capital was the victim of a sophisticated hack in October 2024 that cost $50M. This hack involved multiple steps, including social engineering, malware, and taking control of private keys. More specifically, the Radiant developer received a PDF file with embedded malware that helped hackers gain control of the private keys. This is what allowed the attackers to appropriate USDT, USDC, and ARB across the BNB and Arbitrum chains for $50M.
Conclusion
2024 proved to be a busy year in the security aspect for the crypto industry, good for hackers and bad for many companies and their users. However, it provides valuable information for improvements that engineers have a lot of work to do to ensure the security and accessibility of Web3.
The information provided in this article is for informational and educational purposes only and does not constitute financial, investment, or trading advice. Any actions you take based on the information provided are solely at your own risk. We are not responsible for any financial losses, damages, or consequences resulting from your use of this content. Always conduct your own research and consult a qualified financial advisor before making any investment decisions. Read more
