Crypto losses surpassed $3 billion in 2024, reports Peckshield

Blockchain security firm Peckshield reveals crypto industry losses exceeded $3 billion in 2024 due to hacks and scams, highlighting a 15% increase from 2023.

The crypto industry lost over $3 billion in 2024 due to hacks and scams, marking a 15% increase from the previous year, according to Peckshield.

Record-breaking losses in 2024

Blockchain security firm Peckshield reported that the cryptocurrency industry suffered over $3 billion in losses in 2024 due to hacks and scams. This represents a 15% increase compared to 2023, highlighting the growing challenges in securing digital assets.

Breakdown of losses

Of the total losses, hacks accounted for $2.15 billion, while scams contributed $834.5 million. The report, published on Peckshield's official website, emphasized that decentralized finance (DeFi) protocols remain the primary target for cybercriminals.

Recovery efforts fall short

Despite efforts to recover stolen funds, only $488.5 million was successfully reclaimed, marking a 27.62% decline from the previous year. This underscores the difficulty in tracing and retrieving assets once they are stolen.

Peckshield's findings highlight the urgent need for enhanced security measures across the crypto ecosystem. The firm urged industry stakeholders to adopt stricter protocols and invest in advanced cybersecurity solutions to mitigate future risks.

https://redrobot.online/2025/01/crypto-losses-surpassed-3-billion-in-2024-reports-peckshield/