Solana blockchain suffered the most from crypto fraud in 2024

The popularity of meme coins on the Solana blockchain SOL $196.18 Solana -2.54% Market capitalization $94.08 billion VOL. 24 hours $0.36 billion has attracted the attention of fraudsters, according to the latest report by Hacken. The total losses of the crypto market in 2024 amounted to $ 2.9 billion, of which 18% were attributed to gaming projects and meta-universes.

Key trends:

DeFi and CeFi losses:
The DeFi segment suffered losses of $ 474 million, which is 40% less than in 2023. At the same time, CeFi losses increased to $ 694 million, in particular due to major incidents such as the hacking of DMM Exchange ($ 305 million) and WazirX ($ 230 million).

Decrease in attacks on cross-chain protocols:
Losses from cross-chain attacks decreased by 70%, from $ 338 million in 2023 to $ 114 million in 2024.

Phishing and Rug Pull:
Phishing attacks brought fraudsters $ 600 million, and Rug Pull schemes became popular on the Solana network due to the interest in meme coins.

Extortion in the pre-sale of digital assets:
In April 2024, 27 incidents worth $ 122.5 million were recorded. The fraudsters used celebrity names to promote meme tokens, which emphasizes the adaptation of crypto fraudsters to new trends.

Hacken analysts emphasize that social influence and the availability of Web3 tools contribute to the evolution of fraudulent schemes. In the context of the growing popularity of meme coins, users should be especially cautious when investing in new projects.