Hack-driven crypto laundering triples in 2024 to hit $1.3b, data shows

Hack-related crypto laundering reached $1.3 billion in 2024, marking a 280% increase from 2023, PeckShield reveals. Crypto laundering tied to hacks reached $1.3 billion in 2024, representing representing nearly a threefold increase compared to $342 million in 2023, according to data revealed by PeckShield . In an X post on Jan. 13, the blockchain security firm said that the rise in laundered funds is “possibly driven by rising crypto prices” as Bitcoin ( BTC ) price more than doubled since early 2024. The report focused on hack losses exceeding $1 million. Chain hopping, a process where coins laundered between different blockchains, moved $452 million, while coin mixing accounted for $468 million, the data reveals. #PeckShieldAlert The total value of hack-related crypto laundering in 2024 is $1.3B, marking a significant increase of 280% from the $342M recorded in 2023. This surge is possibly driven by rising crypto prices. (Our analysis focused on a limited set of reported instances… pic.twitter.com/3ksBc2HLuA — PeckShieldAlert (@PeckShieldAlert) January 13, 2025 Scam losses dropped to $834.5 million in 2024, down 24% from $1.1 billion in 2023. Even with the decline, phishing scams were still a big problem, making up almost 80% of the total at $660 million. You might also like: Mango Markets announces shutdown after $117M hack, users given January deadline to exit PeckShield’s analysis also pointed out the monthly breakdown of losses, with a spike in August 2024 reaching $293.4 million. Bitcoin scams alone led the pack, causing $238 million in losses, followed by a $71 million loss from a poisoning scam involving Wrapped Bitcoin ( WBTC ). Other scams included rug pulls on BitForex and ZKasino, costing $57 million and $33 million, respectively. Earlier in January, crypto.news revealed that crypto hacks and scams cost the industry $3.01 billion in 2024, up 15% from $2.61 billion in 2023. Out of that, $2.15 billion came from hacks, and scams made up $834.5 million. Around $488.5 million of stolen funds were recovered. Read more: December’s crypto losses from hacks were lowest in 2024: PeckShield