Access control vulnerabilities account for nearly 80% of all crypto hacks in 2024: Hacken
Crypto hacks in 2024 caused nearly $3 billion in damages, with access control flaws driving 78% of the losses, data shows.
According to Hacken’s latest research report, 2024 proved to be another challenging year for blockchain security, with almost $3 billion lost to crypto hacks.
Although the total financial impact was similar to that of 2023, attacks exploiting access control vulnerabilities surged significantly. Hacken’s data reveals that these flaws accounted for 78% of the losses, affecting various sectors such as decentralized finance, centralized finance, and gaming/metaverse platforms.
The report states that access control vulnerabilities turned out to be the most significant threat, accounting for 75% of crypto hack losses, excluding phishing. Meanwhile, DeFi contributed to 20.4% of the total hack losses, while CeFi losses constituted 30% of the damages. The gaming and metaverse sectors also suffered substantial losses, amounting to $389 million, which is approximately 20% of all crypto hack damages.
At the same time, losses related to cross-chain bridges experienced a notable decrease, falling to $117 million from $330 million in 2023 and $1.9 billion in 2022. Additionally, the blockchain security firm highlighted that crypto projects faced an increased number of DNS hijacking incidents, underscoring the necessity for comprehensive security strategies.
Hacken claims that the data was obtained from verified crypto project reports, including platforms like X, post-mortems, and databases.
