YEREVAN (CoinChapter.com) — Cryptocurrency theft rose sharply in 2024, with total losses reaching $2.2 billion, a 21% increase from 2023. Chainalysis reported that North Korea-linked hackers were responsible for 61% of these thefts, stealing $1.34 billion across 47 cases.
The United Nations Security Council had previously revealed that North Korean hackers stole $3 billion in cryptocurrency between 2017 and 2023. This year’s data underscores the ongoing threat posed by these groups.
Crypto Funds Stolen by Platform Type․ Source: Chainalysis Crypto Hacks Spike in Early 2024
Between January and July 2024, hackers stole $1.58 billion in cryptocurrency, an 84.4% increase compared to the same period in 2023. However, hacking incidents dropped significantly after July.
Chainalysis linked the decline to North Korea’s alliance with Russia. After a June summit between Kim Jong Un and Vladimir Putin, the amount stolen by North Korea-linked hackers dropped by 53.73%. The report noted a potential shift in North Korea’s cybercrime tactics following the meeting.
Cumulative Crypto Theft by Year 2020-2024․ Source: Chainalysis DeFi Platforms and Centralized Services Targeted
Decentralized finance (DeFi) platforms continued to be primary targets for cryptocurrency theft in early 2024. These platforms accounted for the highest value of stolen assets during Q1. However, the focus shifted to centralized services in Q2 and Q3.
Among the significant breaches in 2024, Japanese exchange DMM Bitcoin lost $305 million (48 billion yen). Indian exchange WazirX also suffered a security breach, leading to halted withdrawals in July. Both incidents involved North Korea-linked hackers.
Cryptocurrency Thefts Over the Years
Cryptocurrency theft has been a recurring issue, with over $1 billion stolen in four separate years within the past decade. Significant years include 2018 with $1.5 billion, 2021 with $3.3 billion, 2022 with $3.7 billion, and 2023 with $1.8 billion in stolen assets.
The Chainalysis report highlighted the evolving tactics of cybercriminals and the need for stronger security measures across the industry. The data underscores the persistent risk to crypto platforms and users worldwide.