Throughout 2024, the crypto market was plagued by a series of high-profile hacks, according to data from Phoenix Group. Crypto projects such as DMM Bitcoin, WazirX: India, and Munchables topped the list for the most significant losses, shedding light on the growing threat posed by cybercriminals exploiting vulnerabilities in the crypto space.
These hacks resulted in billions of dollars in losses for well-known crypto projects, causing both platforms and investors to grapple with the recovery of the stolen funds. These events underline the pressing need for more advanced security measures to thwart cybercriminal activities in the future.
Topping Phoenix Group’s list, DMM Bitcoin suffered the most significant loss, with a staggering $305 million siphoned off by hackers. The hack was carried out on May 31st, with the culprits exploiting a compromised private key.
Following DMM Bitcoin, WazirX: India was hit with a $234.9 million loss due to a hack that transpired on July 18th. The perpetrators reportedly used a phishing technique via a multisig wallet to pilfer the funds of users.
Munchables was also a victim, losing $62.5 million to a storage slot-related exploit on March 26th. Other significant hacks include BtcTurk, which lost $54 million on June 22nd when its private keys were compromised, and Radiant Capital, which suffered a $53 million loss on October 16th due to an access control exploit.
The list compiled by Phoenix Group also includes Hedgey, which lost $44.7 million to a flashloan exploit on April 16th, and BingX, which saw $43.3 million disappear from its hot wallet on September 20th.
Penpie was not spared either; a hacker executed a reentrancy exploit on September 3rd, making off with $27 million. FixedFloat also suffered a similar fate, losing $26.1 million on February 18th when its private keys were compromised.
Among the top ten crypto exploits of 2024, Thala Labs incurred the least loss, with a liquidity pool exploit on November 15th resulting in a $25.5 million loss.
These exploits highlight the urgent need for more robust security measures within the crypto industry as it continues to grapple with the threat of cybercrime. The losses incurred not only harm the platforms and investors involved but also undermine confidence in the sector, underscoring the importance of enhanced cybersecurity measures in ensuring the continued growth and success of the crypto market.
