What Are the Biggest Cryptocurrency Security Risks in 2024?

Major cryptocurrency exchanges suffer attacks totaling over $450 million in 2024

The cryptocurrency industry faced unprecedented security challenges in 2024, with major exchanges suffering devastating attacks that resulted in substantial financial losses exceeding $450 million. The Japanese exchange DMM Bitcoin experienced the most severe breach, losing approximately $330 million after hackers exploited vulnerabilities in its smart contract systems. This single incident represented nearly 73% of the total losses among major exchanges.

Security experts have identified that private key exploits dominated the crypto criminal landscape in 2024, accounting for approximately $1.2 billion in losses across 47 separate attacks. This represents nearly double the number of similar attacks recorded in 2023. The DMM Bitcoin hack stands as one of the largest crypto exploits to date, potentially resulting from inadequate private key management or insufficient security protocols. These incidents highlight critical vulnerabilities within centralized exchanges that manage substantial amounts of user funds, emphasizing the urgent need for enhanced security measures across the cryptocurrency industry.

DDoS attacks on financial institutions intensify, with one European bank facing 809 million packets per second

Financial institutions have recently become targets of unprecedented distributed denial-of-service (DDoS) attacks, with a particularly severe case involving a European bank that faced a record-breaking 809 million packets per second (Mpps) assault. This attack, mitigated by Akamai, represents a new industry record for PPS-focused attacks, showcasing the evolving sophistication of cyber threats against banking infrastructure.

The attack escalated rapidly, reaching 418 Gbps within seconds before peaking at its full intensity within just two minutes. Security experts believe this attack was orchestrated by a botnet army specifically designed to overwhelm financial networks.

This incident occurs amid a broader spike in DDoS attacks during the COVID-19 pandemic, as reported by cybersecurity researchers. Financial institutions remain prime targets due to their critical role in economic infrastructure. The unprecedented scale of this attack signals a concerning trend in cyber warfare capabilities directed at financial systems, requiring institutions to continuously enhance their defensive measures against increasingly sophisticated threat actors.

Smart contract vulnerabilities and supply chain infiltrations emerge as growing threats

The cybersecurity landscape of 2025 reveals two critical emerging threats that organizations must urgently address. According to recent data, supply chain attacks have doubled in frequency compared to previous years, with Cyble documenting 30 supply chain incidents in July alone, continuing at a near-daily occurrence through August. Each incident potentially impacts tens of thousands of downstream customers, as evidenced by one ransomware group claiming access to data from 41,000 customers in a single attack.

Meanwhile, smart contract vulnerabilities continue to present significant risks in blockchain environments. The OWASP Smart Contract Top 10 (2025 Edition) highlights several critical vulnerabilities:

These dual threats require distinct but equally robust security approaches. While supply chain security demands standardized practices across vendors and regular risk assessments, smart contract security requires thorough auditing, secure coding practices, and implementation of protective measures like function modifiers and role-based access controls. Organizations implementing proactive cybersecurity measures have demonstrated significantly better outcomes when facing these evolving threats.

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