Finance Redefined: Crypto Hackers Surpass $1.2B Stolen in 2024, Celsius Distributes $2.5B to Creditors

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant

Decentralized finance (DeFi) saw a troubling trend continue in 2024 with crypto hackers managing to steal over $1.2 billion, a 15.5% increase from the same period in 2023.

Despite the efforts of law enforcement and crypto firms to combat illicit activities, DeFi protocols and exchanges remained a prime target for hackers.

In August alone, several notable hacks occurred, including a rug pull that drained $60 million from investors and a hack on decentralized exchange (DEX) 1DEX that resulted in the theft of over $20 million.

The total value locked (TVL) in DeFi protocols also saw a slight decrease this week, dropping to $143.3 billion on Friday morning.

However, the TVL has remained above the $140 billion mark for several weeks now, indicating a relative stability in the DeFi market.

Here’s a summary of the key DeFi developments this week:

Crypto hackers surpass $1.2 billion stolen in 2024: Immunefi

Cryptocurrency hackers have now stolen over $1.2 billion following hacks in August, raising further concerns about widespread crypto adoption.

The crypto industry saw a total of $1.21 billion worth of digital assets lost to hacks and rug pulls year-to-date in 2024 across 154 individual exploits.

This represents a 15.5% increase compared to the same period in 2023, when losses totaled just over $1 billion, according to an Immunefi report shared with Cointelegraph.

Celsius distributes $2.5 billion to 251,000 creditors amid bankruptcy proceedings

Celsius has repaid two-thirds of its eligible customers as part of its long-awaited bankruptcy proceedings.

According to an Aug. 26 court filing, the bankrupt crypto lender has repaid approximately $2.53 billion to 251,000 creditors.

The amount represents approximately 84% of the $3 billion worth of assets owed by the defunct crypto lender to over 375,000 creditors.

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