Crypto hacks in 2024 caused nearly $3 billion in damages, with access control flaws driving 78% of the losses, according to data.
2024 was another challenging year for blockchain security, with nearly $3 billion lost to it crypto hacksaccording to Hacken's latest research report.
Although the overall financial impact was the same as in 2023, attacks exploiting access control vulnerabilities increased significantly. Hacken's data shows that these flaws accounted for 78% of losses, affecting a wide range of sectors, including decentralized finance, centralized finance, and gaming platforms / metaverse.
According to the report, access control vulnerabilities were the biggest risk, accounting for 75% of crypto hack losses, excluding phishing. At the same time, DeFi accounted for 20.4% of total hack losses, while CeFi losses accounted for 30%, the report reads. The gaming and metaverse sectors also suffered significant losses, totaling $389 million – roughly 20% of crypto hack damage.
Meanwhile, cross-chain losses related to bridging saw a sharp drop to $117 million, down from $330 million in 2023 and $1.9 billion in 2022. In addition, the blockchain security firm noted that near that there was an increase in crypto projects DNS evasion eventshighlighting the need for comprehensive security strategies.
Hacken says the data came from verified crypto project reports, including platforms like X, post-mortems, and databases.
