
Cryptocurrency platforms have become a prime target for hackers, with stolen funds surging 21% from the previous year to a staggering $2.2 billion in 2024, according to blockchain analysis firm Chainalysis. This marks the fourth consecutive year in which cybercriminals have ransacked more than $1 billion in crypto assets, with the number of hacking incidents rising to 303, up from 282 in 2023.
The uptick in crypto heists mirrors the meteoric rise in the value of digital currencies. Bitcoin, for instance, surged 140% this year, surpassing the $100,000 mark and attracting institutional investors along with political backing from U.S. President-elect Donald Trump. As the digital asset market booms, so too does the dark underbelly of illicit crypto activity, with cybercrimes on the rise, according to Chainalysis’ Eric Jardine.
Most of this year’s stolen crypto was linked to compromises in private keys that control access to user assets, with the majority of attacks targeting centralized platforms. Among the most notable breaches were the theft of over $305 million from Japan’s DMM Bitcoin exchange in May and the loss of $235 million from India’s WazirX in July.
One of the most concerning trends has been the sharp rise in crypto hacks linked to North Korea, which more than doubled in 2024 to a record $1.3 billion. Cryptocurrencies have provided the country with a way to circumvent international sanctions, though North Korea continues to deny any involvement in these illicit activities. As the digital asset market grows, the fight against crypto crimes will be a significant challenge moving into 2025.
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