Despite the heightened advancements in blockchain technology and security protocols, 2024 recorded some of the industry’s biggest crypto hacks.
An alarming surge in cybercrime overshadowed the industry. Hackers deployed sophisticated methods, exploiting vulnerabilities in private keys, smart contracts, and even unsuspecting employees.
By Q3 2024, TRM Labs, a blockchain intelligence firm, reported that over $2.2 billion was stolen in crypto hacks. This figure surpassed the $1.8 billion lost throughout 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 crypto exchange in Japan, suffered a serious hack as bad actors siphoned 4,500 BTC. At the time, the looted digital assets were valued at over $300 million.
Even though experts could not pinpoint how the exploit happened, investigators stated that hackers connected to North Korea used stolen private keys from the exchange.
The hack not only crippled the exchange financially, it also left many users without access to their accounts. DMM Bitcoin’s parent company quickly stopped the exchange’s operations and moved user accounts to the rival platform SBI VC Trade.
This incident damaged the company’s reputation, marking a reference point for other centralized exchanges worldwide.
2. PlayDapp Hacked Twice: $290 Million Gone
Hackers hit PlayDapp, a Decentralized Finance (DeFi) and gaming platform, twice in February. The bad actors targeted and exploited the platform’s key management vulnerability. They looted $290 million in PLA tokens, the platform’s native token.
This attack was notorious because the hackers ignored a $1 million bounty offered to return the stolen money.
PlayDapp’s efforts to track the stolen funds were unsuccessful, and the missing tokens are still unaccounted for. As a result, the platform’s operations took a hit, as it is struggling to win back the trust of its users.
3. The WazirX Exploit: $235 Million Stolen
In June, WazirX, one of India’s largest crypto exchanges suffered a hack, allegedly orchestrated by North Korean actors. A total of $235 million left its vaults, leading the exchange to suspend all withdrawals.
Shortly after the attack, reportedly, WazirX sent $75 million of user funds to Bybit and KuCoin, further complicating the situation.
WazirX’s parent company, Zettai Pte Ltd, also faced legal issues and asked for a break to sort out its finances. Recovery efforts are still on hold, with affected users still awaiting updates amid the recent Binance delisting of WRX, its native token.
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.
While the crypto hack did not target Ripple, the firm’s executives remain a high target. At the time, ZachXBT, a blockchain investigator, found that the stolen assets were laundered through multiple exchanges.
Despite Larsen’s efforts to recover the funds, the stolen crypto remains at largeelusive, raising concerns about personal safety in the crypto 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.
The stolen funds were eventually routed through Tornado Cash, a coin mixer notorious for hiding illicit transactions. Orbit Chain’s team apologized shortly after the breach but has provided little information.
This incident highlights the risks of cross-chain protocols and how hard it is to track stolen assets once they are hidden.
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