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.

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.

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, Coin Insider Daily 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.