Crypto hacks continued to drain millions during 2024. As per the recent data, the year 2024 witnessed a massive amount of $2.2M in cumulative reported losses due to hacks across the top crypto platforms and high-net-worth individuals. The crypto entities that experienced hacks include DMM Bitcoin, WazirX, Munchables, a Dai whale, Radiant Capital, BingX, Penpie, UwU Lend, Sonne Finance, and M2 exchange.

2024 Sees a 22% Year-on-Year Rise in Crypto Hacks

In line with the data, this year’s crypto hacks denoted a 22% year-on-year surge in the volume. Particularly, the Japanese crypto exchange DMM Bitcoin went through a loss of 4,500 $BTC coins, signifying a value of nearly $300M. The reason for the exploit was a private key hack. With such a huge amount, DMM Bitcoin peaked among the hacks during 2024.

WazirX and Munchables See $230M and $62M in Crypto Losses Respectively

In addition to this, WazirX (one of the biggest crypto exchanges operating in India) also saw a noteworthy hack. In this respect, the platform lost $230M in total from the investor funds. The hacker reportedly hacked the multi-sig wallet of WazirX to drain funds. Apart from that, the play-to-earn game Munchables recorded $62M in a hack as the hacker exploited a crucial smart contract vulnerability. This allowed, the exploiter to take away $62.5M.

$DAI Whale, BingX, and Penpie Protocol Lose $51M, $43M, and $27M

Along with that, a high-net-worth individual possessing the $DAI stablecoin in significant amounts also lost $55M in a phishing attack. Additionally, Radiant Capital was hit by a $51M loss in a flash loan hack in October. Moreover, a centralized crypto exchange BingX also recorded an exploit in which the hacker drained $43M from the platform. In the meantime, a yield-farming firm Penpie Protocol, which operates on Pendle Finance, lost approximately $27M as a result of a reentry attack.

UwU, Sonne Finance, and M2 Encounter $20M, $20M, and $14M in Damages

Another such platform was UwU Lend which beheld a total of $20M in losses because of a vulnerability in the price oracle thereof. The attacker leveraged this vulnerability to manipulate the USD-pegged stablecoin named $sUSDE via different trades. Furthermore, an Optimism L2 chain-based lending protocol Sonne Finance experienced a $20M exploit. In addition to this, M2, a UAE-based cryptocurrency exchange saw a $14M in exploit.