Crypto Hack Weekly Report: Phishing Attacks Dominate in 2024’s Cybercrime Surge

The post Crypto Hack Weekly Report: Phishing Attacks Dominate in 2024’s Cybercrime Surge appeared first on Coinpedia Fintech News

Cryptocurrency was a warfare zone in 2024 and the security situation deteriorated, with on-chain thefts costing $2.3 billion. This figure increased to 31.61% from 2023 which shows that there are still lingering threats in the cryptos space.

This week’s crypto hack report will present the key events of the week, known phishing cases, and a look at the year 2025.

2024’s Surge in Crypto Hacks: $2.36 Billion in Losses

As for 2024, crypto was a new favourite among hackers, who began attacking this industry more actively than ever before. CertiK’s annual report showed that there were 760 breaches and as a result led to the industry losing nearly $ 2.36 billion.

The attacks also became more frequent and aggressive, even though all types were significantly differed; nonetheless, the phishing attack turned out to be the most numerous and profitable for the cybercriminals because the stolen funds reached $1.05 billion.

Phishing; The Most Used Attack Vector

Phishing attacks were still the most commonly used tactics in 2024 accounting for 40% of the crypto stolen. With 296 instances of the phishing attack, the average sum lost per case amounted to $2.8 million.

This has made phishing, one of the most deadly threats in the crypto space which rose by 328% between 2023 and 2024. While traditional fraud is already a big problem, phishing is even worse because of the non-reversible nature of the crypto transactions.

Wazirx and Coindcx: Possible Takeover as Litigations Emerge

The CoinDCX CEO Sumit Gupta has been dropping hints about an acquisition at least in a bid to recover users who had been scammed in the WazirX incident. Statements of Gupta on Twitter show that general security troubles have been present in the Indian crypto sphere since hacks like this have occurred and big personas can have a big impact with their moves.

Scammers Turn To YouTube to Scam Minor Thieves

Some fake users posing to be innocent expose their wallets containing thousands of dollars on YouTube comments and then they make the victim pay a couple of dollars as a gas fee. This particular scam utilises multi-signature wallets in order to further their fraudulent activities and pull off a theft. A typical case of thieving the thieves.

Superchain Ecosystem Twitter Hack: Phishing Links Spread

The official Twitter account for the Superchain Ecosystem was compromised, with the hackers spammed with links that were designed to steal users’ information. For the account, Superchain had to regain the account and users were warned not to click the links posted by the hackers.

Of course, there have been unprecedented cyber catastrophes that occurred in the year 2024, but the world of cryptocurrencies is changing all the time. We step into the year 2025 with the hope of better security for our cryptos and better space for investments.