PeckShield revealed that hack-related cryptocurrency laundering reached $1.3 billion in 2024, representing a 280% increase from 2023.

encryption laundry The value of money linked to hacks reached $1.3 billion in 2024, representing a nearly three-fold increase compared to $342 million in 2023, according to data revealed by Peak Shield. in Share X On January 13, the blockchain security firm said that the rise in laundered funds “may be driven by rising prices of cryptocurrencies” such as Bitcoin (Bitcoin) The price has more than doubled since early 2024.

The report focused on hack losses that exceeded $1 million. The data revealed that cross-chain hopping, a process in which coins are laundered between different blockchains, moved $452 million, while coin mixing accounted for $468 million.

Fraud losses fell to $834.5 million in 2024, down 24% from $1.1 billion in 2023. Even with this decline, phishing scams remain a significant problem, making up nearly 80% of the total of $660 million .

The PeckShield analysis also noted the monthly breakdown of losses, with them rising in August 2024 to $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 BitForex and ZKasino scams, costing $57 million and $33 million respectively.

Earlier in January, crypto.news open Cryptocurrency hacks and scams cost the industry $3.01 billion in 2024, up 15% from $2.61 billion in 2023. Of that, $2.15 billion came from hacks, and scams amounted to $834.5 million. About $488.5 million of the stolen funds were recovered.