If you thought Web3 security was finally turning a corner, 2024 might have given you a rude awakening. This year has been a relentless battlefield for blockchain projects, exchanges, and DeFi platforms, with cyber threats evolving at an alarming pace. The numbers? Nothing short of staggering.
A whopping $6+ billion was lost to attacks, exploits, hacks and other cyber incidents in 2024—marking a 40% exploits increase from 2023. If one thing has become painfully clear: hackers are not just keeping up; they’re staying ahead.
From access control failures to smart contract exploits, the attack surface is only expanding. But despite the mounting losses, there’s still hope. With the right security strategies, organizations can fight back and outsmart cybercriminals.
Let’s break down the biggest security trends of 2024, the most devastating attacks, and what this means for the future of Web3.
Web3 was built on the promise of decentralization, transparency, and security. But in reality, attackers are getting more sophisticated, and projects that fail to prioritize security are paying the price—literally.
By the end of Q4 2024, $2.3 billion had been drained from Web3 projects. And quarter by quarter, the numbers climbed.
Q1: $517 million
Q2: $587 million
Q3: $669 million
Q4: $130 million
To put this into perspective, Web3-related losses in 2023 totaled $1.69 billion. While 2024’s losses are still lower than 2022’s record-breaking $3.78 billion, the upward trend is undeniable—and concerning.
So, where is all this money going?
Straight into the hands of hackers exploiting smart contract flaws, bypassing access controls, and targeting high-value digital assets.
Not all attacks are created equal. Some exploit weak security policies, while others take advantage of poor coding practices. However, two major attack types dominated in 2024:
The overwhelming majority of funds were stolen due to weak authentication and permission mechanisms. This highlights a critical issue: many Web3 projects still aren’t implementing proper security protocols to protect user assets.
Even a single flaw in a smart contract can be catastrophic, and 2024 was proof of that. Poorly written code resulted in millions of dollars being siphoned from DeFi platforms.
When we analyze the types of incidents, the breakdown is even more alarming:
This isn’t about minor security oversights—these were major vulnerabilities that led to some of the biggest hacks of the year.
Think your favorite platform is immune to hacks? So did these projects—until they lost millions. Let’s dive into the biggest Web3 heists of the year and see who got hit the hardest
Some of the biggest names in the industry suffered multi-million-dollar exploits. Here are the top 10 largest hacks of the year by funds lost:
1️⃣ DMM Bitcoin – $305M
2️⃣ PlayDapp – $290M
3️⃣ WazirX – $235M
4️⃣ Muchables – $97M
5️⃣ Address Poisoning Attack (Cyvers Exclusive) – $68M
6️⃣ Radiant Capital – $55M
7️⃣ DeFi Saver – $54M
8️⃣ BtcTurk – $52M
9️⃣ BingX (Cyvers Exclusive) – $44.7M
🔟 Hedgey Finance – $39M
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These incidents are a stark reminder that even the most well-established platforms can be vulnerable. Without continuous security monitoring and proactive defenses, hackers will always find a way in.
If you’re wondering which blockchains suffered the biggest losses, one name stands out: Ethereum.
📉 51% of all stolen funds in 2024 came from Ethereum.
📉 BNB Chain followed with 24%, while Bitcoin (5%), XRP (4%), and Arbitrum (3%) also took heavy hits.
Ethereum’s dominance in DeFi makes it a prime target. More users, more liquidity, and—unfortunately—more opportunities for attackers.
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Not all hope is lost—some recovery efforts have been successful, but the results have been mixed. The first half of the year saw the most significant recoveries, with $620 million reclaimed in Q1 and $562 million in Q2. However, by Q3, that number had dropped dramatically to $93 million, and by Q4, recoveries had nearly vanished, totaling just $25 million. This decline highlights a critical challenge: while early intervention can help recover stolen assets, delays often allow funds to disappear before authorities and security teams can act.
✅ Smart Contract Audits Are No Longer Optional
One-time audits before launch aren’t enough. Continuous monitoring and real-time vulnerability testing should be standard practice.
✅ AI-Powered Threat Detection is the Future
Cybercriminals are using AI, so security teams need to fight fire with fire. AI-driven security solutions can detect threats before they escalate.
✅ Stronger Authentication & Access Controls Are a Must
Since 81% of losses were due to access control failures, Web3 projects must adopt multi-factor authentication, better key management, and robust permissions systems.
✅ Regulations Are Coming
Governments are paying closer attention to Web3 security, and 2025 will likely bring tighter compliance measures.
2024 proved that Web3 security is in a constant arms race—hackers innovate, and defenders must evolve even faster. With over $6 billion lost, the message is clear: security cannot be an afterthought.
The good news? Proactive security measures work. Platforms that invest in continuous smart contract monitoring, AI-powered threat detection, and strong access control mechanisms stand the best chance at avoiding the fate of this year’s biggest victims.
As we step into 2025, one question remains: Will the industry finally prioritize security before the next billion is lost?
Check out our full Cyvers 2024 Web3 Security Report for exclusive insights, key attack patterns, and what’s next in crypto security: https://cyvers.ai/report
Book a call with our security experts today and stay ahead of the next attack: https://calendly.com/d/cqjd-77h-r6x/cyvers-first-call?month=2025-01
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