Cryptocurrency faced a turbulent year in 2024, as the security landscape worsened and on-chain thefts amounted to a staggering $2.3 billion. This marked a significant increase of 31.61% compared to the previous year, indicating that the threats in the crypto space are still persistent and evolving.
The surge in crypto hacks in 2024 saw hackers targeting the industry more aggressively than ever before. CertiK’s annual report revealed that there were a total of 760 breaches throughout the year, resulting in losses totaling $2.36 billion. The attacks varied in nature, but phishing emerged as the most prevalent and lucrative tactic for cybercriminals, with stolen funds reaching $1.05 billion.
Phishing attacks remained the primary method used by hackers, constituting 40% of the total crypto stolen in 2024. With 296 reported instances of phishing attacks, the average amount lost per case stood at $2.8 million. The drastic rise of 328% in phishing attacks between 2023 and 2024 highlighted the severity of this threat, especially considering the irreversible nature of crypto transactions.
On the regulatory front, the crypto space witnessed potential takeovers and litigations, with CoinDCX’s CEO, Sumit Gupta, hinting at a possible acquisition to recover funds lost in the WazirX incident. Gupta’s statements on Twitter underscored the security challenges prevalent in the Indian crypto sphere, emphasizing the need for decisive actions to safeguard users against such scams.
In a peculiar turn of events, scammers resorted to using YouTube as a platform to deceive unsuspecting individuals. By posing as innocent users and enticing victims to pay nominal fees, these scammers employed multi-signature wallets to execute fraudulent activities and carry out thefts, in a brazen display of exploiting vulnerabilities.
The Superchain Ecosystem faced a Twitter hack, wherein hackers gained control of the official account and disseminated phishing links to extract users’ sensitive information. Superchain took swift action to regain control of the account and issued warnings to users against clicking on the malicious links shared by the hackers.
Despite the challenges and setbacks encountered in 2024, the crypto world persists in its evolution, with the dawn of 2025 ushering in hopes for improved security measures and investment opportunities. As we navigate the dynamic landscape of cryptocurrencies, vigilance, and awareness will remain paramount in safeguarding our assets and navigating the ever-changing terrain of digital assets.
As the new year unfolds, investors and enthusiasts alike must remain vigilant and proactive in protecting their interests in the rapidly evolving crypto space. Stay informed, stay secure, and continue to tread cautiously in the world of digital assets.