In 2024, hackers stole 15.5% more crypto compared to the same period in 2023. Attackers increasingly used a pig butchering scam to steal digital assets.
According to a report by Immunefi, hackers managed to steal more than $1.2 billion in crypto in the first eight months of 2024, a 15.5% increase over the same period in 2023, when just over $1 billion was stolen.
The report notes that there were 154 cases of successful hacks and rug pull scams this year. Most incidents occurred in the decentralized finance (DeFi) sector. However, the majority of losses in 2024 are linked to attacks on centralized finance (CeFi) systems, which are less frequent but result in greater financial losses.
In August 2024, hackers stole over $15 million in digital assets, a 94% decrease compared to July, when losses reached $274 million. Analysts also noted that there were no major cases of crypto fraud reported in August.
While hacking remains the predominant cause of cryptocurrency losses, Chainalysis analysts warned that crypto scammers are shifting their tactics. According to the report, in 2024, cybercriminals began actively using the pig butchering scam, gradually moving away from more complex and time-consuming Ponzi schemes. Analysts also emphasized that the average lifespan of crypto fraud dropped from 271 days in 2020 to just 42 days in 2024.
The pig butchering schemes are increasingly being carried out through malicious DeFi apps, allowing fraudsters to avoid using sophisticated social engineering techniques. This year, a coalition of cryptocurrency companies and tech giants was formed to combat online fraud.
