In 2024, the crypto industry experienced another turbulent year marked by a significant increase in cyberattacks on digital asset platforms. According to a report by blockchain analytics firm Chainalysis, cybercriminals stole a record-breaking $2.2 billion from various crypto platforms, representing a 21% rise from the previous year.
This marked the fifth consecutive year where thefts surpassed $1 billion. The number of incidents also increased from 282 in 2023 to 303 in 2024. However, the frequency and scale of attacks decreased in the latter half of the year. Two major incidents dominated headlines early in 2024 – the DMM Bitcoin Hack (May), where Japanese platform lost $305 million, and the WazirX Hack (July), where Indian exchange lost nearly $235 million.
North Korean hacking groups emerged as the most prolific perpetrators of crypto thefts in 2024, responsible for $1.34 billion across 47 incidents, a significant increase from the $660.5 million stolen in 20 attacks during 2023. These groups are believed to use the stolen funds to finance North Korea’s ballistic missile programs and circumvent international sanctions.
The report highlighted several worrying trends, such as the rise in incidents involving thefts between $50 million and over $100 million and the increasing targeting of smaller platforms by North Korean hackers. Despite these concerns, the frequency and severity of attacks decreased significantly after July 2024.
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