It has been a remarkable year for criminals who steal cryptocurrencies.
In 2024, cryptocurrencies became an unprecedented target for theft.
During the year 2024, over $2.2 billion in cryptocurrency thefts were reported, representing a 21% increase compared to the previous year. Research by Chainalysis revealed that more than 300 theft incidents were recorded, equivalent to ten times the figures of 2018 and 2019, when infractions were minimal.
As the trend of cryptocurrency theft persists, a steady increase is observed, although less pronounced than the abrupt surge experienced at the onset of the pandemic. In 2018 and 2019, only 35 thefts were documented, totaling 70 incidents.
While the monthly cumulative cryptocurrency thefts in previous years followed an upward trend, the year 2024 showed a shift. By July 2024, $1.58 billion had already been stolen, leaving a balance of $620 million to reach the estimated total.
Significant incidents, such as the $305 million attack on the DMM Bitcoin platform in Japan in May and the $235 million hack of WazirX in India in July, were pivotal in increasing cryptocurrency thefts throughout the year.
Chainalysis has also noted that geopolitical changes have influenced the dynamics of these thefts. Although the timing and scale of the attacks have varied, it has become evident that North Korean hackers are particularly interested in attacks on cryptocurrency wallets. Groups linked to the North Korean regime were responsible for $1.34 billion in thefts through 47 incidents, a figure that has doubled compared to the previous year.
U.S. authorities and those from other countries have concluded that North Korea uses the stolen cryptocurrencies to finance its weapons of mass destruction and ballistic missile programs, posing a danger to international security. Furthermore, collaboration between North Korea and Russia, which is currently in conflict with Ukraine, has been highlighted.
Looking to the future, researchers suggest that the public and private sectors collaborate to establish data-sharing initiatives, real-time security solutions, advanced tracking tools, and specialized training.
