Q3 2024: The Number of Hacks Dropped to Its Lowest Point in Three Years, but the Overall Outlook Remains Concerning

The number of hacks in Q3 2024 has dropped to its lowest point in three years, with only 28 incidents, across which a total of $463.6 million was stolen.

Cryptocurrency hacks reached their lowest levels in Q3 2024, with just 28 incidents and a total of $463.6 million stolen, according to the latest Hacken report.

This marks a significant drop from the previous quarter, which saw 43 hacks and over $800 million in losses.

However, despite the lower numbers, the overall outlook remains concerning, with nearly 95% of the stolen funds being lost permanently.

This is a sharp contrast to earlier quarters, where 50-60% of the stolen assets were frozen or recovered.

According to the report, this highlights the urgent need for stronger post-incident response strategies and closer cooperation between exchanges, law enforcement, and victims.

Breaking down the losses by region, Asia experienced the highest amounts this quarter, with $264 million in losses. Australia followed with $43.3 million, while Europe reported $22.16 million, and North إفريقيا saw $15 million in losses during the same period.

The most damaging type of attack continues to be when a malicious actor gains control over seed phrases or functions, allowing them to withdraw funds at will from wallets or smart contracts.

With eight incidents and $316 million stolen in Q3, access control breaches accounted for more than twice the percentage of assets lost compared to all other attack types combined.

Next up is the reentrancy attack which is considered as one of the most persistent methods of extracting assets from a protocol. This involves an attacker exploiting a loop in the smart contract’s withdrawal function to repeatedly withdraw funds. This attack is especially harmful to protocols with liquidity pools.

Although there were only three reentrancy attacks this quarter, they resulted in losses exceeding $33 million across various assets.

Finally, traditional rug pulls have decreased this quarter, but there has been a surge in meme coin launches on platforms like Base, Tron, and Solana.

On Solana’s meme coin platform, pump.fun, over 2 million coins were launched this quarter, but only 89 achieved a market cap of $1 million.

This indicates that many rug pull scammers have shifted to these platforms, creating low-value coins that imitate rug pull tactics without demonstrating legitimate activity.

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