Losses from crypto hacks surged to $2.2 billion in 2024, with North Korea stealing $1.3 billion.

From Investing.com

December 19, 2024 1:04:10 pm:

Cryptocurrency platforms suffered $2.2 billion in losses due to hacking in 2024, a 21% increase from the previous year, Chainalysis reports. The surge in incidents to 303, up from 282 in 2023, coincided with bitcoin’s 140% rise to over $100,000, attracting institutional investors and support from President-elect Donald Trump.

The stolen funds mostly resulted from private key breaches, with centralized platforms being the primary targets. Notable hacks included $305 million from Japan’s DMM in May and $235 million from India’s WazirX in July. Chainalysis’ Eric Jardine noted a correlation between the booming digital asset market and the growth of illicit crypto use.

North Korea-linked crypto theft reached a record $1.3 billion in 2024, more than doubling from the previous year. The UN has accused North Korea of using cryptocurrency to evade sanctions, a claim the country denies. This highlights the challenges posed by illicit crypto activities and the need for enhanced security measures.

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