The value of crypto funds stolen by hackers and cybercriminals increased by approximately 21.07% year-over-year (YoY) to $2.2 billion in 2024, says a new report by Chainalysis.
Additionally, the number of individual hacking incidents increased from 282 in 2023 to 303 in 2024.
“Crypto hacking remains a persistent threat, with four years in the past decade individually seeing more than a billion dollars’ worth of crypto stolen (2018, 2021, 2022, and 2023).
2024 marks the fifth year to reach this troubling milestone, highlighting how, as crypto adoption and prices rise, so too does the amount that can be stolen,” said Chainalysis.
According to the report, the intensity of crypto hacking shifted about halfway through the year. By July 2024, the cumulative value stolen since January 2024 had already reached $1.58 billion, approximately 84.4% higher than the value stolen over the same period in 2023.
“The ecosystem was easily on track for a year that could rival the $3 billion+ years of 2021 and 2022,” said the report.
“However, 2024’s upward trend slowed considerably after July, after which it remained relatively steady.”
While DeFi remained the largest source of stolen assets in the first quarter of 2024, centralized services became the primary targets in Q2 2024 and Q3 2024.
REPORT | Losses From Hacks and Fraud Double to $573 Million in Q2 2024
In total, the ecosystem has witnessed $920,940,078 in losses year-to-date (YTD) across 135 specific incidents, primarily driven by over $358 million lost in May 2024.https://t.co/M8CqPezC4H @immunefi pic.twitter.com/hff8KwFi8D
— BitKE (@BitcoinKE) July 1, 2024
Notable hacks of centralized platforms include:
- DMM Bitcoin in May 2024 with losses of $305 million, and
- WazirX in July 2024 with $234.9 million stolen
Private key compromises accounted for the largest share of stolen crypto in 2024 at 43.8%.
North Korean hackers were once again a scourge across the industry, with the report picking out IT workers who have been increasingly infiltrating crypto and Web3 companies, and compromising their networks, operations, and integrity.
These workers frequently employ advanced Tactics, Techniques, and Procedures (TTPs), including the use of false identities, third-party hiring intermediaries, and exploiting remote work opportunities to secure access.
In 2023, hackers linked to North Korea stole around $660.5 million across 20 incidents. This figure surged to $1.34 billion across 47 incidents in 2024, marking a 102.88% increase in value stolen.
These thefts accounted for 61% of the total amount stolen that year and 20% of all incidents.
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