Cryptocurrency heists hit a new high in 2024, with over $2.2 billion stolen – a 21% increase from 2023. This makes 2024 the third-worst year for crypto theft, following 2021 and 2022.
A Year of Hacks
The number of hacks also climbed, reaching a record 303 incidents – a 7% increase compared to the previous year. While the first half of the year saw a massive surge in stolen funds, reaching $1.58 billion by July, the pace slowed considerably in the second half. This was still enough to make it a very expensive year for the crypto industry.
Who Got Hit the Hardest?
Centralized exchanges (CEXs) bore the brunt of the attacks in the second and third quarters, with massive heists like the DMM Bitcoin and WazirX hacks totaling around $540 million. Decentralized finance (DeFi) platforms were the primary targets in the first quarter, continuing a trend from previous years. The most common method of attack? Compromised private keys, accounting for almost half of all incidents. Hackers then used bridges and mixers to launder their ill-gotten gains.
North Korea: The Major Player
North Korean hackers were the biggest culprits, responsible for a staggering 61% of the total stolen funds – a whopping $1.34 billion. This represents a massive 102% increase from 2023. They pulled off 47 attacks, making up 20% of all incidents. Furthermore, these attacks are getting bolder and more sophisticated, with a noticeable increase in heists exceeding $50 million. While North Korean hackers were active early in the year, their activity slowed down in the later quarters.
Protecting Yourself
The report emphasizes the need for better security practices. This includes thorough background checks for employees and, crucially, strong security measures to protect private keys.
