2024 has been another busy year for the crypto world, with hacks reaching a record $2.2 billion! 📈 That's 22% more than 2023, and it's hit users and businesses hard. Let's take a look at the top 10 most high-profile hacks of 2024 and how they've changed the crypto ecosystem.
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1️⃣ DMM Bitcoin: $300 million 🇯🇵
In May, the Japanese exchange DMM Bitcoin fell victim to the largest hack of the year. 😬 The leak of 4500 BTC through stolen keys or fake transactions (address poisoning) resulted in a loss of $300 million.
The exchange later transferred the assets to clients under the management of SBI Group, but this was a wake-up call for all centralized exchanges.
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2️⃣ WazirX: $230 million 🇮🇳
The July hack of one of India's largest exchanges shocked the industry. 😟 Lazarus Group exploited vulnerabilities in the multi-signature system, tricking it into authorizing malicious transactions. The exchange temporarily suspended withdrawals, but the investigation is ongoing.
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3️⃣ Munchables: $62 million 🎮
The play-to-earn game lost $62.5 million due to a vulnerability in smart contracts. 💥 The hacker used a proxy contract to inject a backdoor. Surprisingly, the perpetrator returned the assets—possibly out of fear or for moral reasons.
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4️⃣ Dai Whale: $55 million 🐋
In August, a crypto whale became a victim of a sophisticated phishing attack. 🎣 The hacker gained control over a wallet linked to Maker Vault and issued 55 million Dai. This incident serves as a reminder of the importance of private key security.
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5️⃣ Radiant Capital: $51 million 🌟
The October hack of the Radiant Capital protocol was an example of incredible cunning. Hackers tricked the multi-signature system and took control of the smart contract. Lazarus Group again features among the suspects.
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6️⃣ BingX: $43 million 🇸🇬
The September hack of the Singapore exchange BingX affected their hot wallets. 🔥 Despite the company's claims of a 'minor incident', analysts estimate the damage at $43 million.
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7️⃣ Penpie: $27 million 🌾
The Penpie protocol suffered from a reentrancy attack, where hackers used fake tokens to drain funds. 😔 Despite the bounty offer, the perpetrator chose to escape with the loot through Tornado Cash.
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8️⃣ UwU Lend: $20 million 💔
A vulnerability in the price oracle cost UwU Lend $20 million. 📉 Hackers manipulated the token prices and exploited inaccurate collateral valuations to withdraw funds.
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9️⃣ Sonne Finance: $20 million ☀️
The May hack of Sonne Finance was an example of poorly designed markets with low liquidity. Hackers manipulated prices and bypassed protective mechanisms, depriving the protocol of $20 million.
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🔟 M2 Exchange: $14 million 🇦🇪
The October attack on M2 in the UAE highlighted the dangers of hot wallets. Hackers stole $14 million, and the exchange compensated users for the losses from its own reserves.
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Lessons of 2024 📚
The year has shown that the cryptocurrency ecosystem remains vulnerable to hackers. Here's what to remember:
Asset diversification: don't keep everything on one exchange.
Hardware wallets: they remain the safest solution.
Security training: phishing remains the most popular method of attacks.
What do you think awaits the crypto world in 2025? 💬