Crypto hacks will cost $2.3B by 2024, a 40% YoY increase.
In the year Cryptocurrency hackers stole more than $2.3 billion worth of crypto from the Web3 ecosystem in 2024, a sign of major adoption for the industry.
Bitcoin (BTC) surpassed the $100,000 mark for the first time on December 6, with crypto hacks on the rise due to the cryptocurrency's rising appeal.
Crypto hackers stole more than $2.3 billion worth of assets on 165 occasions, a 40% increase from 2023, when $1.69 billion worth of crypto was hacked, according to a report shared by onchain security firm Syvers.
Total annual financial loss. Source: Syvers
The 40% increase is mainly due to an increase in access control violations, especially at Central Exchanges (CEXs) and crypto watchdogs, according to Didi Lavid, founder and CEO of Syverse.
Lavid told Cointelegraph:
“These incidents are often facilitated by compromised private keys and weak key management systems, as exemplified by high-profile hacks such as multi-signature wallets…”
Although the $2.36 billion was 37 percent below the record $3.78 billion stolen in 2022.
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1.9 billion dollars lost in crypto hacks due to access control breach
Access control vulnerabilities accounted for $1.9 billion worth of theft in 2024, or more than 81% of the total amount lost to crypto hacks, covered by 67 cybersecurity incidents.
Financial loss per attack vector. Source: Syvers
Smart contract exploits accounted for 19% of the value lost in 2024 as the second largest attack vector, with $456 million stolen in 98 instances.
Funds lost per attack vector. Source: Syvers
In the year To avoid another multibillion-dollar year of hacking by 2025, the industry must adopt more robust security practices, such as private key management, offline storage and real-time threat monitoring systems, Silvers Loved added.
“By prioritizing education, collaboration and security innovations, we can significantly reduce these vulnerabilities and grow a more secure Web3 ecosystem.”
Related: Top 100 DeFi Hacks: Offchain Attack Vectors Cover 57% of Losses
North Korean Hackers Will Start Targeting Bitcoin ETFs in 2025: Cybers
North Korean hackers may begin targeting larger targets such as U.S.-based bitcoin exchange-traded funds (ETFs), so the industry needs to be vigilant, said Michael Perl, vice president of GTM strategy at onchain security firm Syvers.
Pearl told Cointelegraph in an exclusive interview:
“The FBI has warned that North Korean hackers are trying to infiltrate and steal money from ETFs. So, all those ETFs […] They are storing the base Bitcoin somewhere. And you can be sure that someone is thinking and thinking about how to steal it.
Michael Perl of Syvers, Interview with Zoltan Vardai of Cointelegraph, Clip 1. Source: Cointelegraph
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