Chainalysis: $2.2 Billion Lost to Crypto Hacks in 2024

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The blockchain analysis firm Chainalysis has dropped its annual report, and spoiler alert: hackers are still having a field day in the crypto playground.

2024: The Year of the (Digital) Heist 🏴‍☠️

In 2024, a staggering $2.2 billion in crypto assets was stolen—a 21% increase from 2023. And yes, the hackers were busier than ever, with incidents rising from 282 in 2023 to 303 in 2024.

North Korean Hackers: The Supervillains of Crypto 🌍🦹‍♂️

In the first half of 2024, DeFi platforms were the prime targets, but later, the focus shifted to centralized platforms. Notable hits included:

DMM Bitcoin (May): $305 million swiped.
WazirX (July): $234.9 million vanished. 💸😱

But here’s the kicker: North Korean hacker groups were responsible for 61% of all crypto thefts in 2024, pocketing an estimated $1.34 billion across 47 attacks—a jaw-dropping 102% increase from the previous year.

These funds aren’t just sitting in offshore accounts; they’re suspected to be funding ballistic missile programs and weapons of mass destruction. So, yeah… no pressure, cybersecurity experts. 🫠🚀

Private Keys: The Achilles’ Heel 🔑💥

A whopping 43.8% of the stolen assets were swiped by exploiting private key vulnerabilities. Centralized services, acting as massive crypto piggy banks, proved to be prime targets.

Once hackers crack those keys, they fire up crypto mixers and blockchain bridges to launder their loot, leaving investigators chasing digital smoke trails. 🕵️‍♀️💨

The Curious Case of the Post-July Cool-Down 🗓️📉

Interestingly, hacker activity saw a noticeable decline after July. The first half of the year was an absolute jackpot for cybercriminals, but then… crickets. Was it burnout? A summer vacation? Or are the hackers plotting their next big thing?

Whatever the reason, one thing is clear: The digital Wild West isn’t closing down anytime soon. Whether it’s private key exploits, North Korean super-hackers, or just plain old bad security practices, the crypto industry still has plenty of weak spots.

So, fellow digital cowboys and cowgirls, hold onto your wallets—and maybe don’t keep your life savings on a centralized exchange. 🤠🔒🚀

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Margharet Tess

Editor, Developer at Cryptheory Labs

I have been active in the cryptocurrency world for over 6 years, during which I have written countless articles about this sector. What fascinates me most about cryptocurrencies is their technological aspect and the problems they aim to solve. In the past three years, I have ventured into app development and am currently working on a larger project called P2E Buzzer. Stay tuned for the surprise. 🙂 My previous experiences: Business2Community.com, TradingPlatforms.com

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