Surge in Crypto Theft in 2024
In 2024, crypto thefts soared to a staggering $2.2 billion, marking a 21% increase from the previous year. Chainalysis recently released a report highlighting this surge, attributing it to a rise in hacking activities, particularly by North Korean-linked cybercriminal groups.
Escalation in Hacking Activity
- 303 hacking incidents occurred in the crypto sector in 2024, up from 282 in 2023.
- The majority of stolen funds, totaling $1.58 billion, were taken between January and July.
- Centralized exchanges were the primary target of these attacks, surpassing DeFi platforms.
- Notable incidents include a $305 million breach of DMM Bitcoin and a $235 million hack of WazirX.
Chainalysis identified private key compromises as a significant vulnerability, contributing to almost 44% of all stolen funds in 2024. Hackers often utilize decentralized exchanges, mixing services, and blockchain bridges to obfuscate their activities and evade tracking efforts.
North Korea Dominates Crypto Heists
- In 2024, North Korean hackers stole $1.34 billion across 47 attacks, comprising 61% of the total funds stolen that year.
- This marked a substantial 103% increase from the $660 million attributed to North Korea in 2023.
- The pace of attacks accelerated, especially those involving sums exceeding $50 million.
Geopolitical events, such as the summit between Russian President Vladimir Putin and North Korean leader Kim Jong Un, may have influenced these activities. After the summit, the value stolen by North Korean hackers notably decreased, with a 54% drop in the average daily amount post-July 1. Non-North Korean thefts saw a slight uptick during this period, hinting at a potential shift in focus for the DPRK.
