Recent Study Shows Ethereum as Leading Victim of Blockchain Hacks in 2024
Ethereum Tops List of Blockchain Hacks in 2024, Study Finds
In a recent study conducted by Smart Betting Guide, Ethereum has been identified as the most targeted blockchain in 2024, with a total of 33 reported hacking incidents. Following Ethereum, BNB Chain has also been significantly impacted by 14 hacking incidents, while Arbitrum and Solana have each experienced 6 incidents. Surprisingly, Bitcoin has only seen two hacking incidents so far this year.
The study further revealed that the Decentralized Finance (DeFi) sector has been the primary target of these attacks, with all reported incidents occurring within this sector. The top 10 largest losses from these hacks in 2024 are as follows:
1. Orbit Bridge: $81,680,000
2. Munchables: $62,800,000
3. PlayDapp: $32,350,000
4. FixedFloat: $26,100,000
5. GMEE: $15,000,000
6. WOOFi: $8,750,000
7. Coinspaid: $7,500,000
8. Abracadabra Money: $6,500,000
9. Seneca: $6,500,000
10. Gamma Strategies: $6,200,000
Overall, crypto users have suffered losses exceeding $437 million through scams and hacks in 2024, with fraudulent activities contributing an additional $14 million to the total losses.
Despite the high number of hacking incidents, a recent CertiK report indicated a significant decline in crypto theft during March. Malicious actors stole approximately $79 million from DeFi projects in March, marking a 48% decrease compared to the $160 million stolen in February.
The report highlighted some of the notable thefts in March, including a MakerDAO-based smart contract deployed by Curio on Ethereum, which resulted in a potential loss of $40 million. Prisma Finance also experienced a significant loss of $12.4 million due to a flash loan attack.
To protect themselves from such incidents, Smart Betting Guide recommended crypto users to keep passwords and seed phrases off cloud storage, use hardware wallets for secure offline storage of private keys, implement Two-Factor Authentication (2FA), and avoid interacting with suspicious emails or links. Additionally, users were advised to be cautious of messages promising quick financial gains, as they are often associated with fraudulent activities.
