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Ethereum Suffers Most Hacks Among Blockchains in 2024

In 2024, Ethereum emerged as the primary target of blockchain hacks, with 33 incidents reported, as indicated by a recent study by Smart Betting Guide.

Following Ethereum, BNB Chain suffered the most hacking incidents, totaling 14 in 2024. Arbitrum and Solana each experienced six incidents, while Bitcoin encountered only two.

The Decentralized Finance (DeFi) sector proved particularly vulnerable, comprising all reported incidents this year.

The top 10 largest losses recorded in 2024 are as follows:

1. Orbit Bridge: $81,680,000
2. Munchables: $62,800,000
3. PlayDapp: $32,350,000
4. FixedFloat: $26,100,000
5. GMEE: $15,000,000
6. WOOFi: $8,750,000
7. Coinspaid: $7,500,000
8. Abracadabra Money: $6,500,000
9. Seneca: $6,500,000
10. Gamma Strategies: $6,200,000

The report further disclosed that cryptocurrency users suffered cumulative losses exceeding $437 million through scams and hacks in 2024. While fraudulent activities, including rug pulls, contributed to the losses, their impact was relatively minor, totaling $14 million.

March Sees Lower Theft Rates

Furthermore, a recent report from CertiK highlights a notable decrease in cryptocurrency theft during March. According to the report, malicious actors targeted DeFi projects, absconding with approximately $79 million. This figure represents a significant 48% decline compared to the $160 million stolen in February.

In March, one of the most prominent instances of crypto theft involved a MakerDAO-based smart contract deployed by Curio on the Ethereum network. Initially estimated at $16 million, PeckShield later revised the figure, suggesting that the actual amount stolen could be closer to $40 million.

Prisma Finance experienced the second-largest loss in March, with a flash loan attack resulting in the misappropriation of approximately $12.4 million. The attacker, self-identifying as a white-hat hacker, initially pledged to return the stolen funds following an online conference hosted by the project’s team. However, during the event, the attacker’s demands evolved, insisting that team members publicly disclose their identities and issue an apology.

According to CertiK, security breaches extended beyond DeFi protocols. NFPrompt, a platform backed by Binance, fell victim to a cyber intrusion, resulting in misappropriated funds totaling about $10 million. Additionally, the WooFi decentralized exchange reported losses of roughly $8.5 million following a hacking incident.

Online Safety Practices for Crypto Users

Smart Betting Guide emphasizes that safeguarding cryptocurrency involves crucial steps, such as refraining from storing passwords and seed phrases on cloud storage platforms. Seed phrases, serving as recovery keys, are susceptible to theft by hackers aiming to pilfer cryptocurrency holdings.

To bolster security, the report advocates for the use of hardware wallets. These devices, resembling USB drives, securely store users’ private keys offline, a method known as cold storage. When necessary, the keys can be connected online to facilitate transactions securely.

Moreover, users are advised to implement essential security practices. These include avoiding clicking on links in suspicious emails, enabling Two-Factor Authentication (2FA) for login verification, and steering clear of interaction with online pop-ups or links. Additionally, users should exercise vigilance against messages promising quick financial gains, as these often stem from fraudulent accounts, a common social media scam.

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What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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