Crypto hackers and scammers ramped up their operations in 2024, stealing over $3 billion, according to blockchain security firm PeckShield. This marks a 15% increase compared to 2023, when $400 million less was stolen. Despite the monetary surge, the number of incidents has been on a steady decline since 2022, with activity tapering off at the end of 2024.

PeckShield’s data revealed that $2.15 billion was stolen in crypto hacks, while scams accounted for $834.5 million. On a brighter note, approximately $488.5 million worth of stolen assets were recovered. Other security firms, including Chainalysis, reported similar figures, highlighting decentralized finance (DeFi) platforms as the primary targets in early 2024. Chainalysis estimated $2.2 billion in losses during the year.

Phishing attacks emerged as the most damaging scam tactic, responsible for over $1 billion in losses across 296 incidents, according to a CertiK report. Experts warn that 2025 could usher in even more sophisticated threats, fueled by advancements in AI. CertiK predicts that AI-driven phishing tactics could evolve, making them harder to detect and prevent.

While the stolen amounts in 2024 increased compared to 2023, they remained lower than the 2022 figures, a year marked by market downturns and intense regulatory crackdowns. The continued rise in institutional adoption and regulatory acceptance of crypto could further embolden bad actors, making robust security measures more critical than ever.

As the industry braces for 2025, experts urge caution, vigilance, and proactive defenses to counter the evolving threats in the fast-changing world of cryptocurrencies.