$2.2 Billion in Cryptocurrency Stolen Worldwide by 2024

Cryptocurrency will remain a lucrative 'farm' for hackers in 2024. According to a report from blockchain analytics firm Chainalysis, $2.2 billion worth of cryptocurrency was stolen from cryptocurrency platforms in 2024. This is the fifth year in the past decade that the world recorded the amount of stolen cryptocurrency exceeding $1 billion in value. The other years to reach this figure were 2018, 2021, 2022 and 2023.

One interesting change Chainalysis noticed this year was where crypto was stolen. In previous years and the first quarter of 2024, DeFi (decentralized finance) platforms were the main targets for crypto theft. However, in Q2 and Q3, the focus of hackers shifted to centralized platforms. Some notable hacks were on DMM Bitcoin and WazirX platforms, where $305 million and $234.9 million were stolen, respectively.

With the trend of more reported attacks targeting centralized platforms, Chainalysis has emphasized the importance of private key security. 43.8% of hacks were due to private key compromise, allowing hackers to access funds. Chainalysis said centralized platforms must take private key security seriously to prevent online theft.

Another notable aspect of Chainalysis' report is the cryptocurrency thefts linked to North Korean hacker groups. Hacker groups from the country are believed to have stolen over $1.34 billion in cryptocurrency assets in 2024, with 47 recorded incidents.

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With the value of Bitcoin continuing to rise in recent weeks, cryptocurrency hacks have become more attractive to criminals looking to make money. For this reason, platforms that people trust need to do everything they can to increase their security to prevent hacks.

Chainalysis believes that as cryptocurrency regulatory frameworks continue to evolve, more attention will be paid to the security measures that platforms put in place. By working with law enforcement and dedicating sufficient resources to responding to hacks, the industry can become more trustworthy, Chainalysis said.

Marvin Fry

Update 23 December 2024