- Report says $2.2 billion worth of cryptocurrencies will be stolen in 2024, up 21% year-on-year
- Chainaanalysis found that more than 300 independent incidents were tracked, 10 times the number in 2018 and 2019
- North Korea accused of stealing $1.34 billion worth of cryptocurrency
Latest research claims that as decentralized currency thefts continue to increase, more than $2.2 billion worth of cryptocurrency will be stolen from crypto platforms in 2024.
Latest comments from chain analysis The study found that theft rates increased by 21%, with the number of hacking incidents increasing from 282 in 2023 to 303 in 2024.
More broadly, cryptocurrency theft continues to be on the rise, although not as severe as the sudden surge early in the pandemic. In 2018 and 2019, there were only 35 incidents (70 in total).
Cryptocurrency theft is hot right now
Interestingly, cumulative stolen funds have continued to move upward and to the right month by month in 2020, 2021, 2022, and 2023, but 2024 marks a sudden change in this trend. By July 2024, $1.58 billion had been stolen, leaving only $620 million (or $620 million), short of today’s total.
Major leaks such as the $305 million hack of Japan’s DMM Bitcoin platform in May and the $235 million attack on India’s WazirX in July are said to have affected cryptocurrency theft throughout the year.
Chainaanalysis cited geopolitical changes as reasons for a slowdown in cryptocurrency theft, and while the precise timing and scale of attacks varied, it found a consistent trend: North Korean hackers continue to invest in attacking crypto wallets.
Groups linked to the country’s government caused a staggering $1.34 billion in losses across 47 incidents – double the total amount associated with North Korea in 2023.
“U.S. and international officials assess that Pyongyang uses stolen cryptocurrency to fund its weapons of mass destruction and ballistic missile programs, jeopardizing international security,” the company added.
Chainaanalysis also highlighted North Korea’s relationship with Russia, which has been at war with Ukraine since 2022.
Going forward, researchers urge the public and private sectors to work together on data-sharing plans, immediate safety solutions, advanced tracking tools and targeted training.