Antony Parsons
The Web3 market has experienced significant losses in 2024, with a total of over $2.9 billion lost due to various hacks and security breaches. A recent report by Hacken, a blockchain security firm, highlights the key trends and challenges in the Web3 market, including the reasons behind these losses.
Total Losses: $2.9 Billion
The report reveals that the cumulative losses in the Web3 market for 2024 have exceeded $2.9 billion. This is a significant amount, and it is essential to understand the reasons behind these losses to prevent similar incidents in the future.
DeFi Losses: A 40% Decrease
One positive trend in the report is the decrease in DeFi losses. Compared to the previous year, DeFi losses have decreased by 40%, from $787 million to $474 million. This is a significant reduction, and it indicates that DeFi platforms are strengthening their security measures.
CeFi Losses: A 50% Increase
On the other hand, CeFi losses have increased by more than 50%, to $694 million. Notable incidents include the compromise of DMM Exchange’s private keys ($305 million) and the exploitation of WazirX’s multi-signature vulnerability ($230 million). This highlights the need for CeFi platforms to improve their security measures.
Cross-Chain Protocols: A 70% Reduction in Losses
The report also notes that the number of attacks on cross-chain protocols has decreased, resulting in a 70% reduction in losses, from $338 million in 2023 to $114 million in 2024. This is a positive trend, as cross-chain protocols are critical for the growth of the Web3 market.
Gaming and Metaverse Losses: $389 Million
Gaming and metaverse projects have lost a total of $389 million, accounting for 18% of all incidents on the crypto market. This highlights the need for these projects to strengthen their security measures to protect their users.
Phishing: $600 Million Stolen
Phishing attacks have allowed hackers to steal $600 million. This is a significant amount, and it highlights the need for users to be aware of phishing attacks and to take measures to protect themselves.
Rug Pull Schemes: A Growing Trend
Rug pull schemes are still prevalent, with hackers switching from the BNB Chain to the Solana blockchain, largely due to the growing popularity of meme coins. This highlights the need for users to be aware of rug pull schemes and to take measures to protect themselves.
Meme Coin Scams: A Significant Trend
Meme coin scams have become a significant trend, with hackers using social influence and blockchain tools to promote fake tokens. This highlights the need for users to be aware of meme coin scams and to take measures to protect themselves.
Celebrity-Endorsed Scams: A Growing Concern
Hackers have used the names of public figures and influencers to promote meme tokens and scams. This is a growing concern, and it highlights the need for users to be aware of celebrity-endorsed scams and to take measures to protect themselves.
North Korean Hackers: $1.34 Billion Stolen
According to Chainalysis, North Korean hackers have stolen at least $1.34 billion in crypto assets in 2024. This is a significant amount, and it highlights the need for the crypto community to take measures to prevent such incidents.
Conclusion
The report by Hacken highlights the evolving nature of crypto scams, with new tactics using social influence and blockchain tools to target Web3 users. The popularity of meme coins has led to a shift in hacker activity, with the Solana blockchain becoming a new target for rug pull schemes and meme coin scams. It is essential for users to be aware of these trends and to take measures to protect themselves.
