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$2.2 BILLION LOST: CRYPTO HACKS STOLEN FUNDS SURGE 21% IN 2024 – REPORT

by Rubmar Garcia
4 days ago
in Crypto News
0


This year, crypto hacks increased in the total value stolen and the number of
attacks compared to last year. According to a recent report, the industry lost
over $2 billion in the past 12 months, with over half of the funds allegedly
being stolen by North Korean hackers.

Related Reading: Morocco’s New Crypto Framework ‘To Balance’ Regulation And
Innovation – BAM Chief


CRYPTO INDUSTRY LOSES $2.2 BILLION TO HACKS

As the crypto industry grows, the number of hacks and total value lost have also
increased. 2024 marks the fourth consecutive year in which the funds stolen from
crypto hacks exceeded the billion-dollar mark and the fifth year overall to
surpass this figure.



Chainalysis’ recent report revealed that hacks remained persistent in 2024,
increasing 21.07% year-over-year (YoY). The total value stolen surged to $2.2
billion, $400 million more than in 2023 and the third-largest year by this
metric.

Moreover, 2024 became the year with the most individual hacks, reaching 303
incidents by December. This figure represents a 7% increase from 2023’s 282
attacks, but Chainalysis highlights a notable shift halfway through the year.

According to the report, the intensity of crypto hacks reduced after July, when
the cumulative value stolen since January had already hit $1.58 billion. This
figure was approximately 84.4% higher than the value stolen over this same
period in 2023.

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Number of crypto hacks increase in 2024. Source: Chainalysis

Based on this, Chainalysis analysts considered that “the ecosystem was easily on
track for a year that could rival the $3 billion+ years of 2021 and 2022.”
Nonetheless, 2024’s uptrend slowed considerably by the end of July, remaining
relatively steady for the rest of the year.



Centralized exchanges (CEXs) were the most targeted platforms in Q2 and Q3,
recording some of the largest incidents in the industry’s history. The DMM
Bitcoin and WazirX hacks took around $540 million between May and July, with the
former being the third-largest crypto heist in history.

Decentralized finance (DeFi) platforms accounted for the largest share of stolen
assets in Q1, like most quarters between 2021 and 2023. Meanwhile, Private key
compromises were the largest compromise type, accounting for 43.8% of the
incidents.

The report also noted private key hackers turned to bridges and mixing services
to launder the ill-gotten funds, while hackers from other attack vectors
preferred Decentralized Exchanges (DEXs).


NORTH KOREAN HACKS TAKE 60% OF STOLEN FUNDS

According to Chainalysis, hackers from the Democratic People’s Republic of Korea
(DPRK) stole more from crypto platforms in 2024 than in other years. This year,
the total value stolen increased by 102.88% from 2023, going from $660.5 million
to $1.34 billion.

The number of incidents surged from 20 to 47 in 2024. These figures represent
20% of the total incidents and 61% of the total value stolen this year.
Additionally, crypto attacks linked to North Korean hackers are becoming more
frequent and yielding larger profits.

Attacks between $50 million to $100 million, and above this price range, were
more frequent this year, “suggesting that the DPRK is getting better and faster
at massive exploits,” the report adds.

It’s worth noting that in the previous two years, North Korean exploiters
obtained less than $50 million in ill-gotten funds per incident:

> When examining the DPRK’s activity in comparison to all other hacks we
> measured, it is clear that the DPRK has been consistently responsible over the
> last three years for most large-size exploits. Interestingly, the DPRK’s
> dominance of the high end of the exploitation ladder continued in 2024, but
> there is also a growing density of DPRK hacks at lower amounts, most notably
> around $10,000 in value.

Chainalysis highlights that North Korean IT workers have increasingly
infiltrated crypto and Web3 companies, compromising networks, operations, and
integrity. However, it notes that most DPKR-related exploits occurred at the
beginning of the year, with overall hacking activity stagnating in Q3 and Q4.

Ultimately, the report suggested prioritizing “thorough employment due diligence
(…) while maintaining robust private key hygiene to safeguard critical assets,
if applicable.”

Related Reading: COPA Vs. Wright Saga Continues: Self-Proclaimed Bitcoin
Inventor Skips Contempt Case Hearing



Bitcoin's performance in the one-week chart. Source: BTCUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

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RUBMAR GARCIA

Rubmar is a crypto enthusiast who likes learning and improving constantly. She
enjoys reporting on the latest news and developments in the crypto industry.
Rubmar also enjoys scrapbooking, crafting, simulation games, and watching
football.




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