In 2024, the crypto industry experienced another turbulent year as cybercriminals stole a record-breaking $2.2 billion from various crypto platforms, according to blockchain analytics firm Chainalysis. This marked a significant 21% increase in thefts compared to the previous year, indicating an alarming trend of increasing cyberattacks on the digital asset ecosystem.
The number of incidents also rose significantly, with 303 reported cases of theft, which was 282 in 2023. However, the frequency and scale of attacks decreased in the second half of the year. Two major incidents stood out in the first half of 2024: the DMM Bitcoin Hack, where Japanese platform lost $305 million due to a breach, and WazirX Hack, where Indian exchange suffered a loss of nearly $235 million.
North Korean hacking groups emerged as the most prominent perpetrators of crypto thefts in 2024, responsible for $1.34 billion across 47 incidents. This represented a massive increase from the $660.5 million stolen in 20 attacks during 2023. These groups are known for their sophisticated techniques, which are believed to fund North Korea’s ballistic missile programs and circumvent international sanctions.
The report highlighted several other worrying trends, such as the rise in incidents involving thefts between $50 million and over $100 million. Additionally, North Korean hackers started targeting smaller platforms, stealing amounts as low as $10,000. Despite this, there was a sharp decline in North Korean-linked attacks after July, coinciding with a summit between Russian President Vladimir Putin and North Korean leader Kim Jong Un in June.
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