Funds Lost in Crypto Hacks Witnessing Downtrend As Industry Adopts Stronger Security Measures, Says Binance

Crypto exchange Binance says that the amount of digital assets lost in hacks this year is significantly lower than the figures seen in previous years.

In its Monthly Market Insights report, the largest crypto exchange in the world by trading volume says that digital asset owners have lost about $1.3 billion in hacks so far this year.

“The most significant hacks this year have targeted centralized exchanges. May was the largest single-month loss of 2024, wherein DMM Bitcoin, a Japanese trading platform, suffered a US$305 million hack, resulting in the loss of approximately 4,500 BTC. Come July WazirX, an Indian exchange, lost US$235 million.”

But Binance highlights that the amount lost in crypto hacks has been trending down since 2021.

“Despite the ongoing media buzz surrounding cryptocurrency hacks, data from the past few years indicates a downward trend in losses: US$8.1 billion in 2021, US$3.9 billion in 2022, US$1.8 billion in 2023, and US$1.3 billion year-to-date in 2024.” 

According to Binance, the significant decrease in the funds lost due to hacks could be attributed to industry-wide efforts to improve security protocols.

“The industry is actively enhancing security measures to protect users’ assets. Investors should continue to prioritize secure storage and management of their crypto assets, particularly during periods of market exuberance.”

You can read the full report here.

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