With the 2024 crypto bull season in full flow, crypto is getting more acceptance, particularly with the introduction of new spot ETFs (exchange-traded funds). Even though Web3, blockchain technology, and security measures are improving, the crypto hack world still facing severe cyber threats.
The crypto industry has consistently faced challenges from hacks and protocol exploits. In 2023, Web3 platforms and crypto networks experienced significant disruptions, losing over $1.8 billion in 751 reported security incidents, according to Cointelegraph. There was a silver lining: hack volumes dropped by over 50%.
According to TRM Labs, hackers stole an estimated $1.7 billion in cryptocurrency this year, less than half of the $4 billion stolen in 2022. Despite the overall decrease, significant amounts were still taken from individual projects.
This article will provide a detailed, chronological list of all major security breaches and crypto hacks in the cryptocurrency space in 2024. Read on!
Top 5 Biggest Crypto Hack So Far
Let’s take a look at some of the largest crypto hacks to date.
- Ronin Network Security- $625 Million
The biggest crypto hack ever happened in March 2022. It targeted the Ronin Network, which supports the Axie Infinity game. Hackers stole $625 million in Ethereum and USDC by accessing private keys to create fake withdrawals. U.S. officials linked the theft to North Korea’s Lazarus Group.
Binance recovered $5.8 million of the stolen funds, but it remains the largest hack as of December 2, 2023. Ronin Network announced the breach five days after users reported issues withdrawing Ethereum.
- The Poly Network- $610 Million
In August 2021, a hacker exploited a flaw in the Poly Network, a DeFi platform, and stole over $600 million, including $33 million in Tether. The developers issued a social media appeal for the return of the funds and set up addresses for the hacker to send the money back. The hacker cooperated, claiming they did it “for fun” or as a challenge.
Around $300 million was returned within two days. Tether froze some of the stolen funds, and all the money was returned within two weeks.
The hacker stated in their on-chain message that they aimed to expose vulnerabilities within Poly Network:
- FTX: $600 Million
In November 2022, FTX, a major player in the crypto industry, declared bankruptcy after over $600 million was stolen from its crypto wallets. On the day it filed for Chapter 11, many FTX wallet holders found their balances at FTX.com and FTX US reduced to $0.
FTX confirmed the crypto hack on its Telegram channel, warning users that its apps might contain malware and advising them to delete them. FTX General Counsel Ryne Miller later tweeted that the exchange was working hard to secure all assets.
- Coincheck: $534 Million
In January 2018, the Japanese exchange Coincheck lost $534 million worth of NEM coins due to a theft from its hot wallpe of live cryptocurrency storage less secure than offline cold storage. This crypto hack surpassed even the infamous Mt. Gox incident, making it one of the largest thefts in history. Despite the setback, Coincheck continued operating and was later acquired by the Japanese financial services firm Monex Group.
- The Wormhole Network- $320 Million
In February 2022, a cross-chain protocol, Wormhole Network, suffered a significant loss of over $320 million in WeETH, its specialized Ethereum token, due to a cyber exploit. This event drew attention again a year later when major crypto investment firm Jump Crypto and DeFi platform Oasis successfully retrieved $140 million of the stolen funds through a strategic counter-exploit following a court order.
The recovery sparked debates about DeFi protocol principles—transactions are supposed to be immutable. Wormhole’s breach exposed vulnerabilities due to an undeployed GitHub upgrade.
The theft, involving up to $47 million in Solana’s SOL token, marked one of the largest in blockchain history and underscored the competition between Ethereum and Solana in the DeFi and NFT sectors.
Conclusion
Despite recent improvements, the crypto hack curve remains volatile and unpredictable. A new, advanced threat could quickly reverse the decline in hacking incidents. To restore confidence, developers must prioritize enhancing security across blockchain networks.
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