What happened?
Blockchain data analysis company Chainalysis has released a report on hacker attacks, 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 target of theft. However, in the second and third quarters, centralized services (such as exchanges) became the primary targets of attacks.
Chainalysis specifically pointed out that the amount stolen in 2024 related to North Korea reached $1.34 billion, and hacking activities originating from North Korea accounted for 61% of all cryptocurrency theft cases in 2024.
Total amount of hacked cryptocurrency reaches $2.2 billion in 2024
Blockchain data analysis company Chainalysis recently released a report on hacker attacks, stating that in 2024, there was an increase in hacking activities on cryptocurrency platforms worldwide, with a total amount of stolen cryptocurrency reaching $2.2 billion, an increase of approximately 21.07% from 2023.
These attacks mainly occurred in the early part of 2024, with a significant increase in both the number of attacks and the total amount stolen. However, starting from July, the frequency and scale of attacks slowed down. According to the report, from January to July, cryptocurrencies worth $1.58 billion had already been stolen, an 84.4% increase compared to the same period in 2023.
Overall, there were 303 hacker attacks in 2024. Chainalysis pointed out that in multiple quarters from 2021 to 2023, decentralized finance (DeFi) platforms were the primary targets of hacker attacks because DeFi platform developers often focus on rapid growth and bringing products to market, and invest less in security measures.
In the first quarter of 2024, DeFi platforms remained the main target of theft. However, in the second and third quarters, centralized services (such as exchanges) became the primary targets of attacks. Among them, the May 2024 hacking incident at the Japanese cryptocurrency exchange DMM Bitcoin resulted in a loss of $305 million, while the July attack on the exchange WazirX resulted in a theft of $234.9 million.
This phenomenon also reflects the fact that hackers are increasingly able to discover security vulnerabilities in centralized services such as cryptocurrency exchanges.
61% of hacker incidents linked to North Korea
Chainalysis specifically pointed out that the scale of hacking activities related to North Korea also increased in 2024, with a total stolen amount reaching $1.34 billion, a 102.88% increase compared to 2023. Hacking activities originating from North Korea accounted for 61% of all cryptocurrency theft cases in 2024.
The report explains that these hackers mostly use advanced techniques, including malware, social engineering (manipulating or deceiving targets through interpersonal interactions), and various complex intrusion methods. The stolen assets are used in state-sponsored actions and to 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 incidents with hacking amounts exceeding $50 million compared to 2023, and there was also an increase in smaller-scale hacking incidents, especially attacks with amounts around $10,000. Chainalysis believes that these hacking activities are mostly related to North Korean IT workers 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 emphasis on cybersecurity will be crucial in building trust with users.
Source: Cointelegraph, Chainalysis