In 2024, the crypto industry experienced losses exceeding $3 billion due to hacks and scams, which marks a 15% increase from the previous year's $2.61 billion, according to blockchain security firm Peckshield. Hacks contributed the majority, amounting to $2.15 billion, a significant 42.38% rise from 2023. Scams accounted for $834.5 million. The recovery of stolen funds also decreased, with $488.5 million recovered, down 27.62% from $674.9 million in 2023. Notably, May witnessed the highest losses, totaling $662.2 million, followed by significant amounts in July and August. Among the year’s largest thefts was a $305 million hack of a Japanese exchange, and various phishing scams caused over $1 billion in losses. DeFi protocols remained particularly vulnerable, showcasing the need for improved security measures across the industry.

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