In 2024, the cryptocurrency industry experienced another turbulent year with cybercriminals stealing an unprecedented $2.2 billion from various platforms, according to a report by blockchain analytics firm Chainalysis. This marked a significant 21% increase in thefts compared to the previous year, indicating a concerning trend of escalating cyberattacks on the digital asset ecosystem.
The number of incidents also rose from 282 in 2023 to 303 in 2024, with the first half of the year alone accounting for $1.5 billion in losses. However, the frequency and scale of attacks decreased significantly in the latter half of the year. Two major incidents dominated headlines early in 2024 – the Japanese platform DMM Bitcoin suffered a $305 million breach, forcing its owners to sell off assets to SBI Group, while the Indian exchange WazirX lost nearly $235 million, resulting in the arrest of a suspect in West Bengal later in November.
North Korean hacking groups emerged as the most prolific perpetrators of crypto thefts in 2024, responsible for $1.34 billion across 47 incidents. This represented a dramatic increase from the $660.5 million stolen in 20 attacks during 2023. According to Chainalysis, these groups have become “notorious” for their sophisticated heists, which are believed to fund North Korea’s ballistic missile programs and help circumvent international sanctions.
Interestingly, 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. Following the meeting, Russia reportedly provided North Korea with financial and military support, while Pyongyang allegedly sent soldiers to assist Russia’s war efforts in Ukraine.
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