What happened?
Blockchain data analysis company Chainalysis has released a hacker attack report, stating that the total amount of stolen cryptocurrency worldwide reached $2.2 billion in 2024.
In the first quarter of 2024, decentralized finance (DeFi) platforms were the main targets of theft. However, in the second and third quarters, centralized services (such as exchanges) became the largest targets of attacks.
Chainalysis specifically pointed out that the amount stolen in 2024 related to North Korea reached $1.34 billion, and hacker activities from North Korea accounted for 61% of all cryptocurrency theft cases in 2024.
Total amount of hacked cryptocurrency in 2024 reaches $2.2 billion
Blockchain data analysis company Chainalysis recently released a hacker attack report, stating that in 2024, hacker attacks on cryptocurrency platforms escalated, and the total amount of stolen cryptocurrency worldwide reached $2.2 billion, an increase of approximately 21.07% compared to 2023.
These attacks mainly occurred in early 2024, when both the number and total amount of hacks increased significantly, but from July onwards, the frequency and scale of attacks slowed down. According to the report, from January to July, cryptocurrency worth $1.58 billion had already been stolen, an increase of 84.4% compared to the same period in 2023.
Overall, there were 303 hacker attack incidents in 2024. Chainalysis pointed out that in several quarters from 2021 to 2023, decentralized finance (DeFi) platforms were the main targets of hacker attacks because developers of DeFi platforms often focus on rapid growth and bringing products to market, with less emphasis on security measures.
In the first quarter of 2024, DeFi platforms remained the primary targets of theft. However, in the second and third quarters, centralized services (such as exchanges) became the largest targets of attacks. Among them, the hacking incident at the Japanese cryptocurrency exchange DMM Bitcoin in May 2024 resulted in a loss of $305 million, while the attack on the exchange WazirX in July resulted in a theft of $234.9 million.
This phenomenon also reflects hackers’ increasing ability to find security vulnerabilities in centralized services such as cryptocurrency exchanges.
61% of hacker incidents related to North Korea
Chainalysis specifically pointed out that the scale of hacker activities related to North Korea also increased in 2024, with a total stolen amount of $1.34 billion, a 102.88% increase compared to 2023. Hacker activities from North Korea accounted for 61% of all cryptocurrency theft cases in 2024.
The report explains that most of these hackers use advanced techniques, including malware, social engineering (manipulating or deceiving targets through interpersonal interaction), and various complex intrusion methods, to use the stolen assets for state-supported actions and evade international sanctions. U.S. and international officials assess that the cryptocurrency stolen by North Korea is used to finance large-scale weapons of mass destruction and ballistic missile programs, posing a threat to international security.
In 2024, there were more large-scale hacking incidents involving North Korea, with amounts exceeding $50 million, compared to 2023. There was also an increasing trend in smaller-scale hacking incidents, especially attacks of around $10,000. Chainalysis believes that these hacker activities are mostly related to IT workers in North Korea who are skilled at infiltrating cryptocurrency and Web3-related company systems and disrupting their networks and security operations.
The security of cryptocurrency platforms remains a major challenge. Especially as the cryptocurrency market expands, the level of importance placed on cybersecurity will be crucial in establishing trust with users.
Source: Cointelegraph, Chainalysis