Data shows crypto hacks caused nearly $3 billion in damages in 2024, with access control flaws accounting for 78% of losses.
According to Hacken’s latest research report, 2024 proved to be another challenging year for blockchain security as nearly $3 billion was lost to crypto hacks.
Although the overall financial impact was at 2023 levels, attacks exploiting access control vulnerabilities increased sharply. Hacken’s data shows that these flaws accounted for 78% of losses and affected a wide range of sectors, including decentralized finance, centralized finance and gaming/metaverse platforms.
According to the report, access control vulnerabilities were the top threat, accounting for 75% of losses from crypto hacks, excluding phishing. Meanwhile, DeFi accounted for 20.4% of total hack losses, while CeFi losses accounted for 30%, the report said. The gaming and metaverse sectors also suffered major losses, totaling $389 million – about 20% of all crypto hack losses.
At the same time, losses related to cross-chain bridges fell significantly to $117 million, from $330 million in 2023 and $1.9 billion in 2022. Additionally, the blockchain security company pointed out noted that crypto projects are facing increasing DNS hijacking incidents and pointed out the need for comprehensive security strategies.
Hacken claims that the data comes from verified crypto project reports, including platforms like X, post-mortems and databases.
