New York: According to a research released Thursday by blockchain intelligence firm Chainalysis, the amount of money obtained through cryptocurrency platform hacking increased by 21% from the previous year to $2.2 billion in 2024.
It stated that the number of hacking incidents increased to 303 from 282 in 2023 and that the total hacking amount surpassed $1 billion for the fourth consecutive year. In 2023, hackers had taken $1.8 billion.
Crypto thefts have increased since bitcoin surged 140 percent this year to reach the $100,000 mark, attracting institutional investment and support from US President-elect Donald Trump.
“It is common to observe the illegal use of cryptocurrency increasing in tandem with the growth of the digital asset market,” said Eric Jardine, research head for cybercrimes at Chainalysis.
“The industry’s biggest challenge in the coming year will surely be combating the proliferation of these crimes, particularly fraud.” According to the research, the majority of cryptocurrency thefts this year were caused by breaches in the private key that governs access to users’ funds, with the majority of attacks focusing on centralized platforms.
The theft of almost $305 million from Japan’s cryptocurrency exchange DMM Bitcoin in May and the $235 million loss from India’s WazirX in July are two of the most prominent thefts.
According to Chainalysis, North Korean-related cryptocurrency hacking more than doubled in value from a year ago to reach a record high of $1.3 billion in 2024.
According to the UN, North Korea uses cryptocurrency to get around international sanctions. The nation frequently denies any involvement in cryptocurrency heists or cyberhacking.
