Also for 2024, Chainalysis released its Crypto Hacks of the Year report, with $2.2 billion in funds stolen. This amount is 21.07% higher than in 2023, with individual hacking episodes also increasing from 282 in 2023 to 303 in 2024.
Crypto Hack and the +21.07% increase in stolen funds in 2024 for a total of $2.2 billion
On-Chain Analysisblockchain analysis company, published his report devoted to crypto hacks 2024, identifying that a total of $2.2 billion in funds were stolen.
This amount represents the +21.07% compared to the previous yearalso with the numbers of individual hacking episodes who have increased from 282 in 2023 to 303 in 2024.
Thus, 2024 becomes the fifth year, along with 2018, 2021, 2022, 2023, in which the crypto hack manages to steal more than a billion dollars.
The blockchain analytics company says this data represents the dark side of increasing adoption of cryptocurrenciesbecause the amounts that can be stolen also increase.
During the year 2024, the first quarter saw the crypto market targeted by hacker attacks in the DeFi sector. On the other hand, in the second and third quarters of 2024, the focus has shifted to centralized services.
Chainalysis identifies the most important crypto hacks of the year DMM Bitcoin (May 2024; $305 million) and WazirX (July 2024; $234.9 million).
Crypto Hack: the target market for 2024 is centralized services
As expected, in the second half of 2024, the target market for crypto hacks has shifted to centralized services.
Unlike DeFi, where the main problem was the vulnerability of protocols, in centralized services we talk about the increasing importance of security mechanisms, such as private keys.
Indeed, centralized crypto platforms must above all ensure the security of private keys, because they control access to user resources.
It is no coincidence that hackers who manage to compromise private keys can then launder the stolen funds through DEX or mining or mixed services to obscure the transaction trail and complicate traceability.
In any case, in 2024, attacks on centralized platforms increased, accounting for 43.8% of total stolen funds. The main perpetrators of this type of crypto hacking are 61% of North Koreans, who managed to steal $1.34 billion during the year.
In this regard, Eric Jardinehead of cybercrime research at Chainalysis, commented:
“This transition from DeFi to centralized services highlights the need to secure mechanisms commonly exploited in hacks, such as private keys. For centralized services, ensuring the security of these elements is crucial, as they control access to user assets. Since centralized exchanges handle significant amounts of user funds, the impact of a breach can be devastating.
Chainalysis and updates during the year
At the beginning of September, On-Chain Analysis had published the second update of its Crypto Crime 2024 where it also analyzed some scam techniques.
Among other things, it appeared that romance scams have increased 85 times since 2020.
Regarding the Pig butchery, the scam involves the criminals “fattening” their victims to extract the maximum possible value.
This is a type of romance scam that involves building a relationship with the victim through text messages or dating apps, eventually tricking them into sending money to a fake dating opportunity. investment.
The diagram of Pig butchering was the most used romance scam in 2024, which altogether accounted for 43% of the most used crypto-crime techniques. until the middle of the year which has just ended.
