Hackers have become increasingly sophisticated in recent years, resulting in billions of dollars being stolen from crypto exploits. 2024 has officially exceeded the previous year’s total for stolen funds, with a record-breaking amount being taken in just the first three quarters. By Q3 2024, blockchain intelligence firm TRM Labs reported that over $2.2 billion had been stolen in crypto hacks, surpassing the $1.8 billion lost in 2023. The thefts were not limited to decentralized finance (DeFi) platforms but also targeted centralized crypto exchanges. Some of the biggest crypto heists of 2024 include DMM Bitcoin losing $308 million, PlayDapp being targeted for $290 million, WazirX experiencing a $235 million hack, Ripple co-founder Chris Larsen losing $112.5 million, Orbit Chain being drained of $80 million, and BtcTurk being hit for $54 million.
In May, Japanese crypto exchange DMM Bitcoin fell victim to hackers who made off with over 4,500 BTC, worth $308 million at the time. The company is in the process of shutting down and transferring customer accounts to another exchange, SBI VC Trade, which will take over its assets. In February, hackers targeted the crypto gaming platform PlayDapp twice, exploiting a private key vulnerability to steal $290 million in PLA tokens. Despite a $1 million white hat reward offer, the stolen funds have yet to be returned. In June, Indian crypto exchange WazirX was targeted by hackers who stole close to $235 million. The exchange suspended all withdrawals following the hack, and its parent company secured a four-month moratorium from the Singapore High Court to reorganize its finances.
In January, hackers targeted Ripple co-founder Chris Larsen’s XRP stash, making off with approximately 213 million XRP, totaling $112.5 million. Efforts to recover the stolen assets have been unsuccessful. The year began with a significant DeFi breach as hackers drained over $80 million from the cross-chain bridge project Orbit Chain on January 1. Months later, some of the stolen crypto was transferred to the coin mixer Tornado Cash, with little update on efforts to retrieve the funds. Turkish crypto exchange BtcTurk was targeted in June, with most of the stolen funds in the form of Avalanche (AVAX). Binance CEO Richard Teng froze $5.3 million in stolen funds to assist BtcTurk in its recovery efforts.
In October, hackers hit DeFi project Radiant Capital in what was described as one of the most sophisticated hacks ever recorded in DeFi, stealing $50 million in tokens. The breach occurred after a Radiant developer received a message containing malware, allowing hackers to gain control of private keys and steal USDT, USDC, and ARB tokens. The project has attributed the attack to North Korean hackers. The U.S. government was also targeted in October, losing over $20 million worth of stablecoins and Ethereum from a government wallet containing funds seized from criminals. Some of the stolen funds were returned the following day, but the rest remain missing.
