2024 was marked by significant milestones in the cryptocurrency market, including Bitcoin surpassing $100,000 and a surge in global crypto adoption. However, it also witnessed an alarming rise in crypto hacks, resulting in billions of dollars in losses.
Over $2.2 billion was stolen across 303 hacking incidents in 2024, reflecting a concerning trend in the industry.
2024 Recap: Top 5 Crypto Hacks
- DMM Bitcoin lost $305 million
- WazirX exchange exploit results in $234 million loss
- PlayDapp’s attack cost $204 million
- Orbit Chain breach reached $82 million
- Radiant Capital attackers stole $58 million
1. DMM Bitcoin lost $305 million
On May 31, 2024, DMM Bitcoin, a Japanese cryptocurrency exchange, suffered the most significant hack of the year, with $305 million stolen. The attack was found to originate from private key loss, a fundamental breach of security through which the miscreants gained control over the exchange’s financial transactions.
Based on the evidence, authorities suspect that the performers of the attack are hackers from North Korea, possibly associated with the Lazarus group. The stolen money was channeled through CoinJoin, which hides Bitcoin transactions.
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After the hack, DMM Bitcoin halted all its operations and limited users’ activity on the platform. Such losses had a negative image impact on the company, which announced its shutdown in December 2024.
It was intended that consolidated/subsidiary/off-balance sheet company assets plus user accounts would be migrated to SBI VC Trade by March 2025. It also underlined the importance of sound private key management and heightened encryption mechanisms.
2. WazirX exchange exploit results in $234 million loss
The biggest hack into India’s largest cryptocurrency exchange, WazirX, occurred on July 18, 2024, when it lost $234.9 million. The attackers were able to capitalize on the new and poorly designed multi-signature wallet system. Four out of six private keys were needed to fund a transaction for some of the exchanges involved.
The hackers introduced a fake smart contract eight days before the attack and rearranged the wallet configurations to avoid detection by the security system. Again, the stolen funds, which comprised 35,000 ETH and other digital currencies, were quickly washed through decentralized markets, and therefore, the attempt to regain the stolen cash failed.
Despite investigations leading to the arrest of an individual in West Bengal, the exchange faced backlash from users and creditors. This further emphasized the significance of deep smart contract audits and improving multi-signature wallet protection.
3. PlayDapp’s attack cost $204 million
In February 2024, hackers attacked PlayDapp, a blockchain gaming and NFT marketplace firm, and made away with $290 million in PLA tokens. It happened in two incidents on February 9 and February 12, where hackers could find their way through PlayDapp’s smart contracts and get hold of private keys.
Instead of stealing the codes controlling the minting rights, the attackers became the authorized minters in the blockchain’s smart contract. PlayDapp announced it would offer $1 million to return the lost assets, but the company did not contact the hacker.
It then halted the operations of its PLA smart contract to stop such manipulations in the future. This incident highlighted issues such as smart contract defects and live monitoring of contract execution.
4. Orbit Chain breach reached $82 million
Another South Korean blockchain platform, working in the sphere of cross-chain technological solutions, called Orbit Chain, was hacked in early 2024, and the damage reached 82 million to 100 million USD. Criminals took advantage of flaws in the platform’s architecture to steal funds from multiple blockchains.
The stolen funds were washed through Tornado Cash, a well-known cryptocurrency tumbler. On June 8, 2024, over $47.7 million worth of over 12,932 ETH was processed through Tornado Cash.
Orbit Chain worked with law enforcement and paid eight million dollars for rewards to recover the funds. The attack looked similar to the previous data thefts, that’s why experts assumed that the North Korean hackers were involved. The attack highlighted the necessity of securely interconnecting different blockchain platforms and standard solutions.
5. Radiant Capital attackers stole $58 million
Radiant Capital, one of the most famous DeFi platforms, was attacked in October 2024, and hackers stole $58 million. Criminals employed new-generation malware to penetrate the accounts of three reputable developers and get hold of their keys.
This allowed the attackers to manipulate transaction data and steal funds across Ethereum, Binance Smart Chain, Arbitrum, and Base networks.
A further probe was conducted to find the attack’s origin associated with Citrine Sleet, a North Korean hacking group. Radiant Capital worked with cybersecurity companies and the police to identify and recapture the lost money and enhance the company’s protection.
The hack Invasion pointed out the need to protect the developer environment and use various levels of protection against malware and sophisticated threats.
Conclusion
The top five crypto hacks in 2024 exposed severe vulnerabilities in centralized and decentralized platforms, resulting in billions of dollars in losses. These incidents highlighted the urgent need for stronger private key management, rigorous smart contract audits, and real-time threat detection systems.
As the cryptocurrency industry moves into 2025, it must address these security gaps to rebuild investor confidence and ensure sustainable growth. With attackers adopting increasingly sophisticated methods, the crypto ecosystem faces a critical challenge in safeguarding its future.
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