Blockchain analytics company Chainalysis has published its annual report, which takes stock of hacks within the crypto sector.
In 2024, a total of $2.2 billion in stolen assets was recorded, an increase of 21% compared to 2023. The number of incidents also increased, from 282 in 2023 to 303 in 2024.
The North Korean hacking plague
In the first half of 2024, decentralized financial platforms (DeFi) were the main targets of cybercriminals. Later in the year, the focus shifted to centralized platforms. Some notable incidents:
- DMM Bitcoin (with): $305 million stolen
- WazirX (juli): $234.9 million loss
These hacks highlight the ongoing vulnerability of both DeFi and traditional crypto platforms.
A large portion of the stolen assets are attributed to hacking groups linked to North Korea. In 2024, these groups stole an estimated $1.34 billion across 47 incidents, accounting for 61% of all crypto thefts. This marks an increase of no less than 102% compared to the previous year.
The activity of North Korean hackers not only poses a threat to the crypto industry, but also raises broader geopolitical concerns. The stolen assets are suspected to be used to finance weapons of mass destruction and ballistic missile programs.
Private keys remain a weak link
A significant portion of thefts in 2024, namely 43.8%, resulted from attacks on private keys. Centralized services, where large amounts of crypto are often managed, turned out to be particularly vulnerable.
After compromising private keys, hackers use crypto mixers and bridges to launder the assets. This makes detection extremely difficult.
Decrease in hacking activities after July
Interestingly, the intensity of hacking activities decreased after July. A spike in stolen assets was recorded in the first half of 2024, but after that the trend leveled off. It is unclear why this decline occurred.
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Source: https://newsbit.nl/chainalysis-crypto-hacks-stijgen-naar-22-miljard-in-2024/
