2024 was a year of unprecedented success and significant challenges for the crypto industry. The year saw major crypto thefts and exploits that exposed the weaknesses of decentralized systems, resulting in the loss of billions of dollars.
Yet amid these incidents, the industry remains resilient, pushing forward with innovation and tighter security firewalls.
SlowMist, a leading cybersecurity company, recently released a report on the biggest cryptocurrency thefts in 2024. The report also offered key insights that can help developers improve security.
2024 Crypto Security Overview
According to a report by SlowMist, 2024 saw a spike in cryptocurrency theft. 410 security incidents resulted in losses of over 2 billion dollars.
This compares to 2023, which saw 464 incidents and approximately $2.486 billion in losses.
This represents a decrease of 19.02% compared to the previous year. Ethereum topped the list with $465 million in blockchain losses, while Binance Smart Chain (BSC) followed with $87.35 million in losses.
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The decentralized finance (DeFi) sector remained the primary target, suffering the most breaches. Security incidents increased by 33.12% compared to the previous year.
As the industry evolves, attackers are using increasingly sophisticated tactics to exploit vulnerabilities.
Crypto theft has moved from simple hacks to organized cybercrime groups using advanced tools. These include social engineering, phishing schemes and software vulnerabilities.
The enforcement of anti-money laundering (AML) regulations has improved the detection of illegal transactions. However, it has also put pressure on exchanges and protocols to strengthen security frameworks.
This dual effect emphasizes the balancing act between regulatory compliance and operational efficiency.
Despite these efforts, attackers continue to exploit weaknesses in smart contracts, bridges, and wallet systems.
This highlights the constant game of cat and mouse between attackers and developers.
As a result, the industry must constantly review security strategies and remain adaptable to evolving threats.
Best crypto heist of the year
In 2024, multiple crypto platforms were targeted by hackers, resulting in significant losses.
DMM Bitcoin, a Japanese crypto exchange, lost $330 million after hackers exploited a vulnerability in its smart contract.
In another incident, PlayDapp, an Ethereum-based gaming platform, lost more than $36.5 million. This loss followed a hack that exploited a leaked private key.
WazirX, an Indian crypto exchange, lost over $230 million due to a bug in its multisig wallet.
Meanwhile, BtcTurk, Munchables and Radiant Capital have also faced major breaches. Namely, Radiant Capital’s attack was linked to a North Korean hacker group.
Financial losses were $5.3 million, $62.5 million, and $97 million, respectively.
BingX lost $45 million in a wallet hack and Hedgey Finance suffered a $44.7 million loss due to weak security.
Penpie and FixedFloat were also attacked, resulting in millions in losses. These incidents highlight the need for greater security in the crypto industry.
2025 Keynote for Developers
As the crypto landscape evolves, security should be a top priority for developers.
In 2025, focusing on smart contract security, improving code reviews and educating users will be key.
Decentralized financial protocols, blockchain bridges and multi-chain systems are vulnerable, making them critical areas to protect.
Conducting regular security audits will help spot vulnerabilities before launch. Improved authentication methods such as multi-factor verification and hardware wallets can prevent attacks.
Additionally, blockchain forensics and AML tools will assist in the early detection and resolution of threats in this rapidly changing environment.
