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Cryptocurrency hackers stole $2.3 billion from the Web3 ecosystem in 2024, marking a 40% increase from the previous year.
Crypto hacks were driven by a rise in access control breaches, mostly in centralized exchanges (CEXs) and crypto custodians, according to on-chain security company Cyvers.
Cryptocurrency hackers exceeded the previous year’s milestones, stealing loot from decentralized systems across 165 incidents.
The rise in crypto hacks coincided with the increase in the value of Bitcoin and other cryptocurrencies. On December 6, Bitcoin surpassed $100,000 for the first time.
Deddy Lavid, co-founder and CEO of Cyvers, explained that the surge in hacker attacks was possible due to growing access control vulnerabilities at centralized exchanges and cryptocurrency custodians:
“These incidents were often facilitated by compromised private keys and weak key management systems, exemplified by high-profile hacks such as multi-signature wallets,” Lavid said for Cointelegraph.
Nonetheless, the $2.36 billion stolen in 2024 was still 37% lower than the record of $3.78 billion stolen in 2022.
Crypto Hacks Driven by Access Control Breaches Resulted in $1.9 Billion Lost
Access control vulnerabilities accounted for $1.9 billion worth of value stolen in 2024. This represents over 81% of the total amount lost to crypto hacks across 67 cybersecurity incidents.
To prevent another year of multi-billion dollar hacks, better security measures should be adopted, including private key management with offline storage and real-time threat monitoring systems, Lavid said. To enter 2025 with a reduced number of cyber attacks, Lavid recommends the following:
“By prioritizing education, collaboration, and security innovation, we can significantly reduce these vulnerabilities and foster a safer Web3 ecosystem.”
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