The crypto industry had one of its roughest years in 2024 after it experienced losses of over $3.01 billion.
The crypto industry had one of its roughest years in 2024 after it experienced losses of over $3.01 billion. This is according to a recent update by blockchain security firm PeckShield, which compared and discovered that the losses marked a 15% increase from the $2.61 billion stolen the year before.
Considering PeckShield’s figures, there might be a serious situation in the hands of the digital asset industry, one that needs urgent attention.
The data shared by PeckShield shows that hackers were behind the majority of the losses that the crypto industry saw in 2024. They stole a whopping $2.15 billion, marking over 71% of the entire amount stolen throughout the year.
Scammers also hit the industry, and it was quite noticeable. Crypto-related scams last year resulted in losses of over $834.5 million, says PeckShield.
Interestingly, despite these scary numbers, there might be something that shined some hope for the industry. That is the fact that recovery efforts in the year yielded some positive results. At least, PeckShield confirms that nearly $488.5 million worth of stolen crypto has been retrieved.
While this is only a fraction of the entire amount stolen, there is no denying that reasonable progress is being made. Especially in the way that law enforcement agencies and blockchain experts are working hand in hand to arrest the security emergency within the crypto industry.
As earlier noted, the number of crypto thefts in 2024 was notably higher than that of 2023. However, this may be directly linked to the growing popularity of decentralized finance (DeFi) platforms.
These platforms are known to attract bad actors because of the security loopholes that make them a soft target.
Despite the situation, though, the crypto industry will forge ahead with its plans to globalize crypto adoption. However, there is no doubt that it will also need to make serious adjustments, particularly in terms of security. This is to avoid further losses in the coming years.
To this effect, the industry will likely start by building on its recent momentum, which saw it recover several millions of stolen crypto. Then, it can devise tighter security measures to keep these hacks and scams in check.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
