Crypto thefts soared by 21% to $2.2 billion dollars in 2024.
A report published by Chainalysis on December 19 shows that this rise is directly related to the increasing hacking activities, especially by cybercriminal organizations with North Korean links.
The hacking attacks are on the rise
In 2024 the crypto industry experienced 303 hacking attacks, compared to 282 incidents in 2023. These attacks resulted in significant losses, with the bulk of stolen funds — $1.58 billion — taken between January and July. The total stolen amount in 2024 was 72% during this period, which represents an increase of 84% compared with the same period in 2023.
In contrast to previous years, the main targets of attacks were centralized exchanges, which overtook DeFi platforms. A $305 million DMM Bitcoin hack in May was notable, as were a $235 Million WazirX hack in July.
Chainalysis classified private key compromises, which are a serious vulnerability in the cryptographic world, as one of the most significant vulnerabilities. By 2024 these exploits could account for nearly 44 percent of all money stolen. In the meantime, hackers funnel stolen funds through decentralized platforms, blockchain bridges, mixing service, etc. to conceal their actions and hamper tracking.
North Korea is behind crypto-heists
North Korean hackers achieved new heights by 2024. They stole $1.34 billion in 47 separate attacks.
The operations represented 61% of the total amount stolen during the year, and marked an astounding 103% rise from the $660 millions attributed to North Korea back in 2023. Data also showed a higher rate of attacks, especially those that involved larger sums over $50 million.
Geopolitical events could have had an influence on these activities.
The value of the hacks by North Korean hackers dropped significantly after a meeting between Russian president Vladimir Putin and North Korean dictator Kim Jong Un in late June. After July 1, average daily amounts dropped almost 54%.
In the meantime, thefts from non-North Koreans increased slightly after this time period. This suggests that DPRK’s focus may be shifting, perhaps due to their growing technological and military collaboration with Russia.
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