- A Chainalysis report has revealed that hackers stole over $2 billion in 2024
- Chainalysis said that crypto hacking remains a persistent threat
- North Korean hackers accounted for over 60% of the total amount stolen so far this year
Crypto hackers pocketed $2.2 billion in crypto in 2024 according to blockchain analysis firm Chainalysis. North Korea-linked hackers accounted for over 60% or $1.3 billion of the total amount stolen, with Chainalysis saying that crypto hacking remains a persistent threat as crypto adoption increases. The blockchain analysis firm disclosed that hacks involving more than $50 million “occurred far more frequently in 2024,” suggesting that hackers are getting better “and faster at massive exploits.”
Hackers Targeted Centralized and Decentralized Protocols
Chainalysis noted that the amount stolen this year rose by 21% compared to last year and the number of attacks increased by 21 to 303. The report observed that the amount stolen in the second half of 2024 was lower compared to the first half when losses from hacks had “already reached $1.58 billion.”
In 2024, funds stolen increased by approximately 21.07% year-over-year (YoY) to $2.2 billion, and the number of individual hacking incidents increased from 282 in 2023 to 303 in 2024. pic.twitter.com/rZx8RH9a1u
— Chainalysis (@chainalysis) December 19, 2024
The two halves also recorded different primary targets with hackers targeting more DeFi protocols in the first half and more centralized entities in the second half.
According to the blockchain analysis firm, the difference in the amount stolen within the two halves of 2024 can be attributed to geopolitical reasons like Russian President Vladimir Putin and North Korean leader Kim Jong Un signing a mutual defense pact in June.
The Threat Landscape Is Complex and Evolving
Hacks through private key compromise accounted for 43.8% of the losses while smart contract vulnerability, security vulnerability, and market integrity exploits accounted for 8.5%, 6.3%, and 4.7% of the losses this year, respectively.
Private key compromises accounted for the largest share of stolen crypto in 2024, at 43.8%. pic.twitter.com/YmBdfYXIG1
— Chainalysis (@chainalysis) December 19, 2024
Chainalysis advised crypto projects to “leverage predictive models” and to invest in stronger security to “address an increasingly complex and evolving threat landscape.” Chainalysis’ report comes two weeks after ImmuneFi founder said that DeFi hackers are turning the vice into a “sustainable and viable business.”
With hackers pocketing over $1 billion yearly in the last three years, it’s to be seen whether crypto projects will be able to thwart malicious actors in 2025.
