Crypto Lost $2.2 Billion to Hackers: Top 5 Hacks of 2024
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2024 was a remarkable year for the crypto industry, where Bitcoin surpassed the $100k mark, the market had a bull run, and there was a surge in crypto adoption across the globe, spurned by Donald Trump’s victory. The year was also not without its fair share of drama as major hacking incidents occurred throughout 2024 on some of the biggest crypto exchanges/entities with its far reaching implications.
According to a report by Chainalysis, over $2.2 billion was lost to hackers in 2024 through 303 hacking incidents, marking a 21.07% YoY increase in these incidents. Moreover, the individual hacking incidents have surged from 282 in 2023 to 303 in 2024.
2024 is the fifth consecutive year when the amount of stolen crypto reached a billion-dollar mark (2018, 2021, 2022, 2023, and 2024). Hacking activity peaked early in the year, with $1.58 billion stolen by July including the infamous WazirX hack and it was 84.4% higher than the same period in 2023.
In the year 2021 to 2023, decentralized finance (DeFi) platforms were the primary targets of crypto hacks, because of the development and the growth in the sector.
Furthermore, the DeFi sector still has the largest share of stolen assets in the 1st quarter of 2024 there has been seen a different pattern in Q2 and Q3.
Hackers targeted centralized services in 2024
In 2024, centralized exchanges and entities became low hanging fruits for the hackers across the globe. In Centralized services, DMM Bitcoin and WazirX witnessed a major hack of $305 million and $234.9 million this year which also raised concerns..
This tactical shift underscores a sophisticated understanding of vulnerability exploitation, with private key compromises accounting for 43.8% of all cryptocurrency thefts during the year. Hackers continue to employ sophisticated methods to obscure the trail of stolen funds. Some common laundering techniques include decentralized exchanges (DEXs), mixing services, and bridging services.
In 2024 North Korean Hackers Dominated
According to the Chainalysis report, in 2024, North Korean hackers allegedly stole $1.34 billion in 47 incidents, a big increase from $660.5 million in 20 attacks in 2023. These hackers are known for frequent and large-scale crypto thefts, often allegedly backed by the North Korean regime providing them with infrastructure and hardware support.
According to the researchers, these hackers are getting better at stealing larger amounts, with more frequent attacks in the $50-$100 million range and above and now they are more frequently sifting towards the larger attacks those above $100 million.
Moreover, researchers find that the Democratic People’s Republic of Korea (DPRK) has become more frequent in the last three years. After tracking the DPRK’s activity researchers found that they are behind most of the large-scale exploits over the last three years. Not only this but there is also a growing density of DPRK hacks at lower amounts, around $10,000 in value.
According to United Nations investigators North Korea’s government gained about $3 billion form cryptocurrency platform attacks between 2017 and 2023.
Also Read: “Hackers are light years ahead ”Says Cvyers Firm VP who found WazirX Hack
Top 5 Hacks of 2024
The surge in successful attacks has forced the crypto industry to confront serious questions about security protocols, particularly regarding Private key management practices, Real-time security monitoring systems, Cross-platform data sharing, Advanced tracing tools, and more. In 2024, the crypto space witnessed some major hacks from which lets us explore the top hacks.
1. DMM Bitcoin $305 Million Hack
DMM Bitcoin hack was one of the biggest hacks in crypto history. In May 2024, DMM Bitcoin, a prominent Japanese cryptocurrency exchange, experienced the largest hack, resulting in a loss of approximately 4,502.9 Bitcoins, valued at around $305 million at the time.
This cyber attack was attributed to North Korean hackers, possibly linked to the Lazarus Group, which is known for its sophisticated cybercrime operations. After the theft, the stolen Bitcoin was laundered using a CoinJoin mixing service, which obscures the origin of funds by mixing them with others.
The hackers exploited vulnerabilities related to private key management, which is critical for securing access to users’ funds. Reports suggest that the breach may have stemmed from poor security practices, such as inadequate encryption or improper storage of private keys.
In response, to the attack, the exchange suspended its various services and restricted account activities. However, the actions were not enough to save the exchange as the repercussions of the hack were severe. DMM Bitcoin struggled to recover from the incident and ultimately decided to shut down operations in December 2024.
The exchange announced plans to transfer its assets and customer accounts to SBI VC Trade, a subsidiary of SBI Group, with this transition expected to be completed by March 2025.
2. WazirX $235 Million Breach
The WazirX hack was the second biggest hack the crypto community witnessed this year. On July 18, 2024, WazirX, an Indian cryptocurrency exchange, witnessed a $235 million hack (around 35,000 ETH and significant amounts of other tokens were stolen) from a multi-signature wallet.
The hackers exploited the vulnerability in the WazirX’s multi-signature wallet, which was designed to require multiple approvals for transactions. This wallet uses a Gnosis Safe multisig configuration in which 4 out of 6 keys are required for any transaction.
To break this security hackers deployed a malicious smart contract eight days before the attack which allowed them to change the wallet’s configuration, and bypass security. After the hack, the exchange suspended its various services and restricted trading activities. WazirX faces backlash from creditors for holding their remaining funds.
In November 2024, reports emerged that law enforcement had arrested an individual from West Bengal who allegedly sold his WazirX account details to the hackers. The investigation continues as authorities work to trace and recover stolen assets.
On December 2024 the exchange announced that the crypto withdrawals are expected to resume by mid-April 2025.
3. PlayDapp $290 Million Exploit
PlayDapp, a crypto gaming and NFT platform witnessed a exploit where hackers stole over 1.79 billion PLA tokens worth around $290 million. The incident involved two significant exploits that occurred on February 9 and February 12. The attackers exploit the vulnerabilities in smart contracts and compromised private keys which allowed the hacker to add themselves as an official minter within PlayDapp’s smart contract.
After the initial breach, PlayDapp attempted to negotiate with the hacker by offering a $1 million “white hat” reward for the return of the stolen assets. Negotiations failed as the hacker showed no willingness to cooperate. As a result, PlayDapp announced the suspension of the PLA smart contract on February 13.
4. Orbit Chain Hack
Orbit Chain, a South Korean blockchain platform designed for cross-chain interoperability, witnessed a hack in the beginning of 2024 resulting in a loss of approximately $82 million to $100 million in cryptocurrencies.
Later on, Orbit Chain announced that it was actively engaging with international law enforcement agencies to trace and recover the stolen assets. The platform offered a reward of up to $8 million for information leading to the identification of the attackers or recovery of the stolen funds.
According to the reports on June 8, 2024, the hackers moved 12,932 ETH, valued at approximately $47.7 million, through Tornado Cash. The platform is collaborating with South Korean law enforcement and international cybersecurity experts to investigate the breach. Experts claim that the North Korean hacking groups may be involved in this case as they use similar methods seen in previous high-profile cryptocurrency thefts.
5. Radiant Capital Exploit
Radiant Capital, a prominent DeFi project, witnessed a $58 million hack in October 2024. The attackers got access to three of the platform’s private keys which allowed them to steal assets over various networks such as Arbitrum, Binance Smart Chain, Base, and Ethereum.
The attackers employed sophisticated malware to compromise the devices of three trusted developers. This malware allowed them to manipulate transaction data displayed in the Gnosis Safe wallet interface same as the wazirX hack.
Subsequent investigations linked this attack to North Korean hackers, specifically a group known as Citrine Sleet (UNC4736). Radiant Capital has since collaborated with cybersecurity experts and law enforcement agencies to recover stolen funds and enhance their security protocols.
Final Thoughts
The 2024 crypto hacking data was shocking for the industry, marking the fifth consecutive year with losses exceeding $1.5 billion. As the crypto industry innovates and evolves, the same is true for hackers who are now adapting to enhanced security features and even deploying quantum computing to steal money.
Moreover, it is also concerning that these attackers are not operating individually instead they are backed by powerful entities which have immense power and resources. Now as 2025 is knocking at the door, crypto industry needs to introspect regarding the current security provisions and the need to implement robust security measures to maintain user trust in the cryptocurrency space.
