In the first six months of 2024, hackers drained a staggering $1.1 billion from cryptocurrency protocols through 212 onchain exploits, setting a new record, according to blockchain security firm Blockaid. Over half of these losses, about $609 million, are traced back to groups linked to North Korea, highlighting the growing role of state-sponsored actors in crypto crime.
Ethereum and Solana networks were hit hardest, with breaches causing nearly $332 million and $326 million in damages respectively. Two major attacks, targeting KelpDAO and Drift Protocol, accounted for losses of $292 million and $285 million; both are connected to the same North Korean hacking cluster.
Blockaid’s report shows a sharp increase in attack frequency, rising from 18 incidents in January to 57 in June, with April alone seeing $635 million stolen. This surge not only marks a rise in the number of attacks but also an escalation in their scale and technical sophistication, surpassing all high-threshold exploits recorded throughout 2023.
The majority of these breaches stem from operational security lapses, such as the misuse of privileged keys, which caused roughly $790 million in damages far outweighing losses from code vulnerabilities. Emerging threats now include prompt injection attacks on AI agents and innovative wallet delegation exploits that bypass conventional security.
Some vulnerabilities allow partial fund freezes or even recoveries via smart contract mechanisms, but results vary significantly depending on the specific case. As attackers evolve their methods, the crypto industry faces mounting pressure to enhance security protocols and safeguard digital assets against increasingly complex threats.
