Top 5 Biggest Crypto Hacks of 2024

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As a seasoned analyst with over two decades of experience in cybersecurity and blockchain technology, I can’t help but feel a sense of deja vu when looking at the string of high-profile crypto hacks that plagued the industry in 2024. The sheer scale and sophistication of these attacks are alarming, to say the least.

2024 saw significant cryptocurrency heists, even with the ongoing leaps in blockchain technology and security measures.

A significant increase in cyberattacks has cast a dark shadow over the industry. Hackers have resorted to advanced tactics, taking advantage of weaknesses in digital keys, smart contracts, and even unsuspecting workers.

According to TRM Labs, a company specializing in blockchain analysis, it’s anticipated that by Q3 of 2024, a total of approximately $2.2 billion will have been stolen from crypto hacks. This amount is significantly higher than the $1.8 billion lost due to such incidents throughout the entire year of 2023.

Here are five of the biggest crypto hacks recorded this year;

1. The $308 Million DMM Bitcoin Crypto Hack

In May, DMM Bitcoin, a Japanese cryptocurrency exchange, experienced a significant cyber attack where unauthorized individuals stole approximately 4,500 Bitcoins. The worth of these stolen digital assets exceeded $300 million at the time of the theft.

Despite the fact that the specific method remains undetermined by experts, it’s been declared that hackers linked to North Korea utilized illegally obtained private keys from the exchange in the incident.

The attack not only drained the exchange of its financial resources, it also prevented numerous users from gaining entry to their accounts. In response, DMM Bitcoin’s parent company promptly shut down the exchange and transferred affected users’ accounts to the competing platform, SBI Virtual Currency Trade.

As an analyst, I can say that this occurrence has significantly impacted our company’s standing, serving as a notable benchmark for other global centralized exchanges.

2. PlayDapp Hacked Twice: $290 Million Gone

Twice in February, cybercriminals managed to breach PlayDapp, a Decentralized Finance (DeFi) and gaming platform, by capitalizing on its key management weakness. These unscrupulous individuals successfully exploited this vulnerability, making off with an estimated $290 million worth of PLA tokens, which are the native tokens of the platform.

This assault gained infamy as the hackers chose to disregard a $1 million reward for returning the pilfered funds instead.

Despite PlayDapp’s attempts to trace the misappropriated funds, they remain untraced. Consequently, this incident has negatively impacted the platform’s operations due to the challenge in rebuilding user trust.

3. The WazirX Exploit: $235 Million Stolen

In June, it’s reported that WazirX, a significant cryptocurrency exchange in India, experienced a breach, suspected to be masterminded by North Korean hackers. Approximately $235 million was taken from their storage, causing the platform to temporarily halt all withdrawals.

Following the assault, it’s said that WazirX transferred approximately $75 million of users’ assets to Bybit and KuCoin, adding more intricacy to the predicament.

WazirX’s overseeing company, Zettai Pte Ltd, encountered legal problems and requested time to manage their financial affairs. At present, recovery attempts continue to be paused, leaving users in a state of suspense as they wait for updates amidst the recent removal of WRX (its native token) from Binance.

4. Ripple Co-Founder Loses $112.5 Million in Hack

In January, Chris Larsen, a co-founder of Ripple, revealed that hackers got into his personal XRP accounts. He mentioned that the criminals stole 213 million XRP, worth $112.5 million at the time. 

Despite the crypto hack not directly affecting Ripple, its leaders continue to be a prime focus. Notably, during this incident, ZachXBT, a blockchain detective, discovered that the ill-gotten funds were washed through various digital exchanges.

As a crypto investor, I’ve been left worrying about my investments after the funds I had were stolen and remain elusive, causing me to question the level of security in this digital world.

5. Hackers Steal $80 Million From Orbit Chain

2024 started with a major crypto hack on the DeFi project Orbit Chain, a cross-chain bridge. 

Hackers exploited vulnerabilities to drain $80 million of Ethereum (ETH) and DAI.

In time, the pilfered money was channeled via Tornado Cash, a well-known cryptocurrency tumbler infamous for concealing suspicious financial activities. The Orbit Chain team issued an apology in quick succession following the hack, however, they’ve disclosed very limited details since then.

This occurrence underscores the potential dangers associated with cross-chain transactions and the difficulty in tracing misappropriated assets when they’ve been concealed.

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2024-12-27 00:36