In 2024, the crypto industry experienced yet another turbulent year marked by a significant increase in cyberattacks. According to blockchain analytics firm Chainalysis, cybercriminals stole an unprecedented $2.2 billion from crypto platforms, representing a 21% rise from the previous year. This marked the fifth consecutive year where thefts surpassed $1 billion, with the number of incidents increasing from 282 in 2023 to 303 in 2024.
The first half of 2024 alone accounted for $1.5 billion in losses, setting the stage for an even worse year-end total. 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.
The report also highlighted several alarming trends, such as incidents involving thefts between $50 million and over $100 million becoming more frequent. Additionally, North Korean hackers targeted smaller platforms, stealing amounts as low as $10,000. 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.
Source