Crypto thefts surged to $2.2 billion in 2024, representing a 21% rise in comparison with the earlier yr.
In keeping with a Dec. 19 report by Chainalysis, this enhance is carefully tied to a rising wave of hacking exercise, notably by North Korean-linked cybercriminal teams.
Escalation in hacking exercise
The crypto sector skilled 303 hacking incidents in 2024, up from 282 in 2023. These assaults resulted in important losses, with the majority of stolen funds — $1.58 billion — taken between January and July. This era accounted for 72% of the entire quantity stolen in 2024, reflecting an 84% surge in comparison with the identical timeframe in 2023.
Not like in prior years, centralized exchanges bore the brunt of those assaults, overtaking DeFi platforms as the first goal. Notable incidents included a $305 million breach of DMM Bitcoin in Could and a $235 million hack of WazirX in July.
Chainalysis recognized non-public key compromises as a serious vulnerability, with these exploits contributing to almost 44% of all stolen funds in 2024. In the meantime, hackers typically funnel these stolen belongings via decentralized exchanges, mixing providers, and blockchain bridges to obscure their actions and hinder monitoring efforts.
North Korea leads crypto heists
North Korean hackers reached new heights in 2024, stealing $1.34 billion throughout 47 assaults.
These operations accounted for 61% of whole funds stolen within the yr and marked a staggering 103% enhance from the $660 million attributed to North Korea in 2023. The information additionally revealed a quicker tempo of assaults, notably these involving extra important sums exceeding $50 million.
Nevertheless, geopolitical developments may need influenced these actions.
Following a summit in late June between Russian President Vladimir Putin and North Korean chief Kim Jong Un, the worth stolen by North Korean hackers declined noticeably. The common each day quantity dropped by practically 54% after July 1.
In the meantime, non-North Korean thefts noticed a slight enhance after this era, suggesting a possible shift in focus for the DPRK, probably tied to its rising army and technological collaboration with Russia.