The Five Crypto Attacks That Highlighted Security Gaps in 2024

• The collapse of FTX saw investors lose $8.7 billion, which further deleet with centralized forms of platforms focusing more on governance issues.
• 45 percent of crypto criminal activities in 2024 involved a sanctioned party that revealed critical regulatory flaws.
• More than $1 billion paid to ransomware attackers highlighted the increasing abuse of pseudonymous crypto-assets.

The cryptocurrency industry has come a long way but security threats in the year 2024 were a major issue. Cyber attacks hit major organizations leading to the loss of billions of dollars and serious questions on the preparedness of this sector in the face of cyber threats. These incidents from fraud to ransomware brought into focus the requirement for better security solutions.

$8.7 Billion: Legacy of FTX Fraud

The effects of FTX fraud remained residual in the crypto community in 2024. Starting in the last quarter of 2022, FTX was arguably the largest fraud ever committed in the world of crypto, where user funds were manipulated and insiders reportedly engaged in misuse. By 2024, the period of recovery highlighted that centralized platforms had severe governance problems as the $8.7 billion loss affected everyone, pulling down user trust and suggesting that rigorous regulation of IT business is essential.

45%: Sanctioned Entities Fuel Crypto Crime

While using blockchain analytics, it was found that 46% of crypto-related crimes in 2024 were related to sanctioned entities. The former polluted in mid-2024 when wrongdoers used inadequate regulations to move their funds through decentralized platforms. These events imply the violations of Sanctioned states and organizations’ use of cryptо raised the drawbacks of the international regulatory regime to notorious levels.

$10.5 Trillion: The Cybercrime Surge by 2025

There was an increase in cybercrime throughout 2024 and the use of cryptocurrency became an attractive target. As for the end of the year 2020 elementary trend anticipates the total amount of the global cost of cybercrime increase to $10.5 trillion by 2025. 

$1 Billion: Ransomware Payments Skyrocket

Ransomware attacks rose in 2024, and according to industry tallies, over $1 billion was paid in cryptocurrency by the victims. These payments show how cybercriminals increasingly use crypto since it is pseudonymous. These are often facilitated by ransomware-as-a-service models which make such attacks easy to execute and a real threat to everyone.

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