- $2.2 Billion in Cryptocurrencies Stolen in 2024, Up 21% YoY, Report Says
- More than 300 separate incidents were tracked, 10 times more than in 2018 and 2019, Chainalysis found
- North Korea blamed for $1.34 billion in stolen cryptocurrencies
More than $2.2 billion worth of cryptocurrency was stolen from crypto platforms throughout 2024, as decentralized money theft continues to rise, new research claims.
Chainalysis’ latest review found that theft rates increased by 21%, and the number of attacks increased from 282 incidents in 2023 to 303 in 2024.
More generally, the trend of cryptocurrency theft continues to increase, although less pronounced than the sudden increase seen during the early years of the pandemic. In both 2018 and 2019, only 35 cases occurred (for a total of 70).
Cryptocurrency theft is hot right now
Interestingly, the month-over-month cumulative funds stolen during 2020, 2021, 2022, and 2023 continued to go up and to the right, however, 2024 marked a sudden change in that trend. By July 2024, $1.58 billion had already been stolen, leaving only $620 million (or $620 million) left to reach the current total.
Major breaches, such as the $305 million hack of Japan’s DMM Bitcoin platform in May and the $235 million hack of India’s WazirX in July, are said to have influenced cryptocurrency thefts throughout of the year.
Chainalysis cites geopolitical changes for the slowdown in cryptocurrency thefts, as while the precise timing and scale of attacks have varied, it identified a consistent trend: North Korean hackers continue to invest in attacking crypto wallets.
Groups linked to the country’s government were responsible for a staggering $1.34 billion in 47 incidents, double the amount linked to North Korea in 2023.
“US and international officials have assessed that Pyongyang uses the cryptocurrencies it steals to finance its weapons of mass destruction and ballistic missile programs, endangering international security,” the company added.
Chainalysis also highlighted North Korea’s affiliation with Russia, which has been at war with Ukraine since 2022.
Looking ahead, researchers urge the public and private sectors to come together to establish data sharing initiatives, real-time security solutions, advanced tracking tools and targeted training.
