Cryptocurrency Hacks Surge In 2024 With DeFi Protocols As Primary Targets

According to BlockBeats, the year 2024 has witnessed over 300 cryptocurrency hacking incidents, resulting in total losses of $2.15 billion. This marks a 30% increase compared to the $1.51 billion lost in 2023. May was the peak month, with 28 attacks causing $574.6 million in damages. While DeFi protocols remain the primary targets, attacks on individuals and organizations have risen to 46%, up from 33% in 2023, largely due to weak private key management and inadequate security practices. Ethereum has been the most targeted blockchain, accounting for 34.8% of the incidents and 47.3% of the financial losses. Bitcoin follows, partly due to its price increase. The gaming industry has also suffered significant losses, totaling $502 million, with a vulnerability in PlayDapp leading to $290 million in damages.