The Rise of Crypto Thefts in 2024
In 2024, crypto thefts reached a staggering $2.2 billion, marking a significant 21% increase compared to the previous year. This surge in theft is attributed to a growing wave of hacking activity, particularly by cybercriminal groups linked to North Korea.
Escalation in Hacking Activity
- 303 hacking incidents were recorded in 2024, up from 282 in 2023.
- The bulk of stolen funds, amounting to $1.58 billion, were taken between January and July, reflecting an 84% surge compared to the same timeframe in 2023.
- Centralized exchanges became the primary target for attacks, overtaking DeFi platforms.
- Notable incidents included a $305 million breach of DMM Bitcoin in May and a $235 million hack of WazirX in July.
Major Vulnerabilities and Tracking Efforts
Chainalysis identified private key compromises as a significant vulnerability, contributing to nearly 44% of all stolen funds in 2024. To obscure their activities, hackers often use decentralized exchanges, mixing services, and blockchain bridges to hinder tracking efforts.
North Korea’s Dominance in Crypto Heists
- North Korean hackers stole $1.34 billion across 47 attacks in 2024.
- This accounted for 61% of total funds stolen, marking a 103% increase from 2023.
- Attacks involving sums exceeding $50 million saw a faster pace.
Geopolitical Influences on Hacking Activities
Following a summit between Russian President Vladimir Putin and North Korean leader Kim Jong Un, the value stolen by North Korean hackers declined noticeably. This decline suggests a potential shift in focus for the DPRK, possibly tied to its collaboration with Russia in military and technological advancements.
