NEWSLETTER
By Medha Singh
(Reuters) – Funds stolen through hacking of cryptocurrency platforms rose 21% from a year earlier to $2.2 billion in 2024, a report from blockchain analysis firm Chainalysis showed on Thursday.
The amount of piracy exceeded $1 billion for the fourth consecutive year and the number of incidents increased from 282 to 303 in 2023, it said. Hackers had stolen $1.8 billion in 2023.
The rise in cryptocurrency heists comes as bitcoin jumped 140% this year to surpass the $100,000 mark, attracting institutional participation and the backing of US President-elect Donald Trump.
“As the digital asset market grows, it is typical to see illicit use of cryptocurrencies grow alongside it,” said Eric Jardine, cybercrime investigation leader at Chainalysis.
“Countering the proliferation of these crimes, especially fraud, will undoubtedly be a key challenge for the industry in the new year.”
Compromises with the private key that controls access to users' assets accounted for the majority of cryptocurrency stolen this year and most attacks targeted centralized platforms, according to the report.
Among the most notable attacks were the theft of more than $305 million from Japanese crypto exchange DMM in May and the loss of $235 million from India's WazirX in July.
<img src="https://technicalterrence.com/wp-content/uploads/2024/12/Losses-from-cryptocurrency-hacks-rise-to-22-billion-by-2024.jpg" title="© Reuters. A woman walks past the bitcoin Monument after bitcoin soared above $100,000, in Ilopango, El Salvador, December 5, 2024. REUTERS/Jose Cabezas/File Photo” alt=”© Reuters. A woman walks past the bitcoin Monument after bitcoin soared above $100,000, in Ilopango, El Salvador, December 5, 2024. REUTERS/Jose Cabezas/File Photo” rel=”external-image”/>
Cryptocurrency hacking linked to North Korea more than doubled from the previous year to a record $1.3 billion in 2024, Chainalysis said.
Cryptocurrencies allow North Korea to bypass international sanctions, the United Nations claims. The country routinely denies involvement in cyber hacking or cryptocurrency thefts.
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