2024 isn’t just about crypto gains, it will be remembered as the year hackers had a field day. You will be shocked to know that the crypto sector faced significant security challenges, with losses from hacks surging by 21% to reach $2.2 billion. 

A substantial portion of these losses, approximately $1.3 billion, was attributed to North Korean-linked cybercriminals, marking a record high for such activities 

Hacks don’t just steal money; they shake confidence in the very systems we rely on.  Why does this matter? Because when millions vanish overnight, trust takes a hit, and users like you and me are left to pick up the pieces.

Whether it’s poor security or clever scams, these breaches remind us that the digital gold rush has risks. Staying informed and alert is the only way to protect ourselves in a constantly evolving crypto space.

These are the top 5 crypto hacks and security breaches in 2024.

1. PlayDapp: The Gaming Platform That Got Played

In February 2024, PlayDapp, a popular crypto gaming and NFT platform, became the target of a massive hack. Between February 9 and 12, hackers minted a shocking 1.79 billion PLA tokens worth over $290 million. Blockchain experts at Elliptic confirmed the stolen funds were quickly laundered, making recovery nearly impossible.

PlayDapp paused its PLA smart contract to stop the bleeding and even tried negotiating with the hacker, offering a $1 million white-hat bounty if the funds were returned. Sadly, the hacker ignored the offer.

This breach hurt both the platform and its users, exposing just how risky unprotected smart contracts can be. For crypto gaming enthusiasts, the takeaway is clear: always secure your crypto wallet and avoid platforms with unverified contracts. Whether you game or invest, prioritizing security—especially in regions like the UAE, where crypto trading is booming—can save you from huge losses.

2. Radiant Capital: When DeFi Wasn’t So Radiant

Radiant Capital, a cross-chain lending platform, suffered two major hacks in 2024. The first hit in January, just seconds after launching new markets on the BNB Chain and Arbitrum. Hackers exploited a flaw in the "index parameter," stealing $4.5 million. Despite this, Radiant continued to operate, only to face a far more significant blow in October.

On October 16, a flash loan attack drained $58 million from Radiant’s USDC market on Arbitrum, forcing the platform to halt lending and borrowing. These repeated breaches shook the DeFi community and left users questioning the safety of cross-chain platforms.

The lesson here is that DeFi projects must prioritize rigorous audits before launching. For users, investing cautiously and storing funds in secure crypto wallets, like the best crypto wallet in the UAE, is critical. Whether trading in Dubai or globally, protecting your assets starts with choosing platforms that take security seriously.

3. Orbit Chain: Spinning Out of Control

In 2024, South Korea’s Orbit Chain lost over $80 million in a hack that exposed critical weaknesses in multisig wallets. Hackers compromised the platform’s multisig signers, enabling them to transfer various cryptocurrencies, including stablecoins, wrapped Bitcoin (WBTC), and Ether (ETH). The stolen funds were quickly laundered through mixers, leaving victims in the dark about potential recovery.

This wasn’t Orbit Chain’s first security issue. Other projects by Ozys, like KlaySwap and Belt Finance, have also faced breaches, raising serious questions about their commitment to safeguarding user assets.

Multi-chain protocols must improve how they manage private keys and secure their multisig wallets. For users, the focus should be on securing assets in trusted wallets like CoinCROWD, especially for those trading. Strong security is a must.

4. BingX: The Exchange That Got Exchanged

BingX, a well-known crypto exchange, faced a major hack in 2024, losing over $43 million. Hackers moved funds in multiple transactions, draining assets like Ethereum (ETH), Binance Coin (BNB), and Tether (USDT). They then laundered the stolen funds through decentralized exchanges, swapping most of them for ETH and BNB.

While BingX claimed the breach had “minimal” operational impact, the hack temporarily forced them to pause withdrawals and deposits. The exchange promised to compensate affected users, which brought some relief but couldn’t fully restore trust.

This breach shows the ongoing risks of trading on centralized platforms. Users need to prioritize security by enabling two-factor authentication (2FA) and using trusted wallets. For those trading in Dubai or globally, choosing a secure crypto exchange and staying cautious can help protect your funds in this volatile space.

5. WazirX: India’s Giant Took a Hit

In 2024, WazirX, India’s largest crypto exchange, faced a massive hack, losing $234.9 million from its multi-sig wallet. Hackers moved funds into a new wallet address and converted cryptocurrencies like PEPE, GALA, and USDT into Ethereum. Security firm Cyvers flagged the suspicious transactions, but the damage had already been done.

WazirX responded by halting all INR and crypto withdrawals, promising users that their funds were safe while launching an investigation and working with law enforcement. Despite these actions, the Indian crypto community was shaken, with many questioning the exchange’s security measures.

Regional exchanges like WazirX need to invest more in robust defenses. This hack is a reminder for users to avoid keeping large funds on exchanges. Instead, secure your assets in trusted crypto wallets and stay cautious when trading on any platform, whether in Dubai, India, or elsewhere.

How to Protect Yourself from Crypto Hacks?

Staying safe in the crypto sector isn’t rocket science, but it does take effort. First, never click on random links, no matter how tempting they look. Phishing scams are everywhere, and one-click can drain your crypto wallet.

Next, always enable two-factor authentication (2FA). It’s a simple step, but it adds a strong extra layer of security to your accounts. 

Lastly, don’t rush into projects or exchanges. Take time to research their track records, audits, and user reviews. A little digging can save you from losing your hard-earned crypto. Be smart and protect your assets like a pro.

Thought For 2025

While 2024 brought some tough lessons, every hack reminds us to stay sharp and prioritize security. The crypto space may have risks, but in 2025 we should create a safer, more trusted future with knowledge and caution.

If you want to make the most of your crypto in the UAE, check out CoinCROWD. It’s the ultimate crypto-to-cash platform, letting you spend your assets instantly without fees or delays. Start turning your digital coins into real-world power today.