Overview
The blockchain industry navigated 2024 at the intersection of security challenges and technological innovation. This report examines critical regulatory compliance policies, anti-money laundering (AML) trends, and security incidents from the past year. Featuring expert contributions from Web3 anti-scam platform ScamSniffer on phishing Wallet Drainers and an in-depth analysis of North Korean hackers' laundering techniques, this document aims to equip stakeholders with actionable insights to enhance ecosystem security.
Blockchain Security Landscape
Incident Statistics
- Total incidents: 410 (19% decrease from 2023)
- Financial losses: $2.013 billion (19.02% reduction YoY)
Note: Figures based on token prices at incident time; actual losses likely higher due to market volatility.
Sector Breakdown
| Category | Incidents | Losses | YoY Change |
|---|---|---|---|
| DeFi | 339 | $1.029B | +33.12% |
| Ethereum | - | $465M | - |
| BSC | - | $87.35M | - |
Top Attack Vectors:
- Smart contract vulnerabilities (99 cases, $214M losses)
- Account compromises
Notable Attack Types
Rug Pulls
- 58 incidents ($106M lost)
- High-risk ecosystems: zkSync ($36.95M), BSC (28 cases)
Security Tip: Verify project legitimacy through audits and team transparency before investing.
Phishing (Wallet Drainers)
- $494M losses (67% increase YoY)
- Peak single theft: $55.48M
Market Shifts:
- Q1-Q2: Angel (42%), Pink (28%), Inferno (22%)
- Q4: Inferno/Angel (45%), Acedrainer (20%), new entrants (25%)
👉 Protect your assets from evolving phishing tactics
Fraud & AML Analysis
Regulatory Milestones
- EU: MiCA framework implementation
- US: Stablecoin legislation advancements
Key Data Points
| Metric | Amount |
|---|---|
| Frozen funds (SlowMist) | $112M+ |
| USDT frozen (Tether) | $540M |
| Recovered funds | $166M (8.25%) |
North Korean Hacker Tactics
Case Study: BingX Exploit
- Tornado Cash mixing
- eXch cross-chain swaps
- Railgun with Private Proof-of-Innocence (PPOI)
Conclusion
2024 underscored the need for robust security frameworks and collaborative AML efforts. As regulatory clarity improves and defensive technologies advance, the industry moves toward greater transparency. This report serves as both a warning and a roadmap – urging stakeholders to prioritize security while harnessing blockchain's transformative potential.
FAQ
Q: Which blockchain sector faced the most attacks?
A: DeFi accounted for 82.68% of incidents, with $1.029B in losses.
Q: How effective are fund recovery efforts?
A: 24 attacks saw partial/full recoveries ($166M), representing 8.25% of total losses.
Q: What's the trend in phishing attacks?
A: While Wallet Drainer losses rose 67%, attackers may shift to malware-based methods.
Q: How do hackers launder stolen crypto?
A: Through mixers like Tornado Cash, cross-chain swaps, and privacy tools like Railgun.