A recent report from blockchain analysis firm Chainalysis reveals that the amount of funds stolen through hacking surged by 21% from last year, reaching $2.2 billion in 2024. This marks the fourth consecutive year that hacking incidents involving over $1 billion have occurred.
Rise in Crypto Heists and Increased Incidents
The number of crypto hacking incidents rose from 282 in 2023 to 303 in 2024. Last year, hackers managed to steal $1.8 billion, but the trend continues to rise, fueled by the rapid growth in the market. As bitcoin hit a record high, surpassing $100,000 this year, it attracted more institutional investors and, unfortunately, more cybercriminals.
Major Crypto Hacks in 2024
Among the notable crypto heists in 2024 were the theft of over $305 million from Japan’s DMM Bitcoin exchange in May and the loss of $235 million from India’s WazirX exchange in July. These attacks reflect the growing vulnerability of centralized platforms, which remain prime targets for hackers.
North Korea’s Involvement in Crypto Hacking
Crypto hacking linked to North Korea has reached alarming levels, more than doubling from last year to a record $1.3 billion in 2024. The United Nations has stated that North Korea uses crypto to bypass international sanctions, although the country denies any involvement in these illicit activities.
The Growing Threat of Crypto Cybercrimes
As the digital asset market continues to expand, cybercrimes such as fraud and hacking are expected to grow in parallel. Eric Jardine, Chainalysis’ cybercrimes research lead, emphasized that addressing these issues will be one of the key challenges for the industry in the coming years. The majority of stolen funds in 2024 were due to compromises in private keys, which are crucial to accessing users’ assets.
