In the current year, the total amount of funds stolen as a result of hacker attacks on cryptocurrency platforms reached $2.2 billion.
The mentioned indicator is 21% higher than the figure recorded in 2023. The relevant information is contained in the report of the blockchain analytical company Chainalysis.
It is worth noting that for the fourth year in a row, the amount of financial damage caused by hacker attacks exceeds $1 billion. In the current year, the number of relevant incidents amounted to 303. In 2023, this figure was recorded at 282. It is also worth noting that hackers stole $1.8 billion last year.
The increase in the number of cryptocurrency heists was recorded after Bitcoin BTC rose in price by 140% in 2024, exceeding the $100,000 mark, drawing institutional participation and backing from Donald Trump, who won the United States presidential election last month.
Chainalysis’ cybercrimes research lead Eric Jardine stated that against the background of the highly intensive growth of the digital asset market, there is typically a simultaneous scaling of the practice of illicit use of cryptocurrencies. According to the expert, countering the proliferation of appropriate crimes, especially fraud, will undoubtedly be the main challenge for the industry next year.
The Chainalysis report noted that in 2024, most of the cryptocurrency thefts were committed due to compromises of the private key that controls access to users’ assets. It was also underlined that most of the attacks were targeted at centralized platforms.
One of the most notable hacks was the theft of more than $305 million from the Japanese crypto exchange DMM Bitcoin in May and the loss of $235 million from the Indian WazirX in July.
According to Chainalysis, hacker attacks on cryptocurrencies linked to North Korea in 2024 more than doubled compared to a year ago, reaching a record high of $1.3 billion.
Information published by the United Nations indicates that Pyongyang, using cryptocurrency, is circumventing international sanctions. North Korea denies any involvement in cyber hacking or crypto heists.
It is worth noting that the issue of cybersecurity has become more relevant recently. To a large extent, the corresponding tendency is associated with the active development of new-generation technologies, including artificial intelligence. Scammers have access to various AI tools. The use of artificial intelligence has made their activities more sophisticated. To counteract the corresponding threat in the cyber environment, personal awareness of users is important. For example, a query in an Internet search engine, such as how to know if my camera is hacked, will allow anyone to get information about signs of unauthorized access to the device. Digital literacy is an effective tool to combat cybercrime. Relevant knowledge needs to be updated periodically, as technologies are constantly being improved and become more complex. Artificial intelligence complicates the possibility of detecting fraudulent activity but does not make this task impossible. Moreover, AI can be a tool for countering relevant threats.
