In 2024, $200 million was lost due to hacking incidents, and the Shido token’s value dropped by 94%, as reported by Finance Redefined.

So far this year, over $200 million in cryptocurrency has been lost due to 32 separate hacking and rug pull incidents. During a discussion at ETHDenver, SEC Commissioner Hester Pierce advocated for increased decentralization, citing the concentrated risks associated with centralization. The Shido blockchain’s Ethereum staking contract was compromised by an attacker, resulting in the transfer of billions of Shido (SHIDO) tokens, as reported by PeckShield. A recent report by Immunefi revealed that Ethereum was the most frequently targeted blockchain by hackers in 2024, accounting for 85% of the total value lost in February. Despite these challenges, the top 100 DeFi tokens have maintained their upward trend, with the total value locked in DeFi protocols surpassing $95 billion.