New York, December 21, 2024 – A recent report from blockchain analysis firm Chainalysis reveals that funds stolen through hacking cryptocurrency platforms have surged by 21% year-over-year, reaching $2.2 billion in 2024. This marks the fourth consecutive year that hacking amounts exceeded $1 billion.
The report highlights an increase in the number of hacking incidents, which rose to 303 in 2024, up from 282 in the previous year. In 2023, hackers stole approximately $1.8 billion from various cryptocurrency platforms.
The rise in cryptocurrency heists coincides with a significant boom in the digital asset market, particularly as bitcoin prices surged by 140% this year, surpassing the $100,000 threshold and attracting institutional investors. Eric Jardine, the cybercrimes research lead at Chainalysis, noted that as the digital asset market booms, it is typical to see the illicit use of crypto grow in tandem.” He emphasized that addressing the proliferation of these crimes, especially fraud, will be a major challenge for the industry in the upcoming year.
According to the report, compromises to private keys that control access to users’ assets accounted for the majority of stolen cryptocurrency this year. Most attacks targeted centralized platforms. Notable incidents included the theft of over $305 million from Japan’s DMM Bitcoin exchange in May and the loss of $235 million from India’s WazirX in July.
Additionally, hacking activities linked to North Korea have more than doubled, reaching a record high of $1.3 billion in 2024. The United Nations has indicated that cryptocurrency enables North Korea to circumvent international sanctions, although the country consistently denies involvement in cyber hacking or crypto-related thefts.
The findings underscore the urgent need for enhanced security measures in the cryptocurrency sector as the landscape continues to evolve and attract both legitimate and illicit activities.
