Hacks and scams resulted in $3B losses in 2024

In a troubling report, blockchain security firm PeckShield revealed that hackers and scammers stole over $3 billion from cryptocurrency-related activities in 2024, marking a significant increase compared to the previous year.

According to PeckShield's analysis, this total includes approximately $2.15 billion attributed to hacks and $834.5 million from scams, reflecting a roughly 15% increase in losses from 2023.

The firm noted that despite the rise in stolen amounts, the overall number of hacks and scams has been decreasing since 2022, tapering off towards the end of 2024.

PeckShield reported that around $488.5 million worth of stolen cryptocurrencies has been successfully recovered.

In addition to PeckShield's findings, Chainalysis estimated that hackers stole approximately $2.2 billion worth of crypto in 2024, with decentralised finance (DeFi) platforms being the primary targets for these attacks.

Among the various scams reported, phishing emerged as the most financially damaging attack vector.

CertiK highlighted that over $1 billion was stolen across 296 phishing incidents throughout the year.

Experts are warning that as the cryptocurrency industry grows with increased institutional adoption and regulatory acceptance, users may face evolving threats in 2025.

The development of artificial intelligence is expected to enhance phishing tactics, making them more sophisticated and challenging to detect.

A spokesperson from CertiK stated that AI could enable scammers to create highly convincing phishing schemes, posing new challenges for cryptocurrency users.

While the amount stolen surged in 2024, both PeckShield and Chainalysis observed a decline in the number of incidents compared to 2022, suggesting that regulatory efforts may be having an impact on curbing illicit activities.

As the industry moves into 2025, there will likely be increased pressure on stakeholders to bolster security measures and protect users from the growing sophistication of cybercriminals in the digital asset space.