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From Adanna Nnamani, Abuja
Crypto platforms worldwide have suffered a dramatic surge in hacking incidents in 2024, with hackers stealing a total of $2.2 billion, a 21.07% increase compared to the previous year.
A new report by blockchain analytics firm Chainalysis, released in December, paints a troubling picture of the growing threat to the cryptocurrency industry.
The report also highlighted the rising role of North Korea in global crypto thefts.
In total, the number of hacking incidents rose from 282 in 2023 to 303 in 2024, with the first half of the year seeing a particularly sharp increase. By July, hackers had already stolen $1.58 billion, representing an 84.4% rise from the same period in 2023. However, the rate of attacks slowed in the second half of the year, a trend that Chainalysis suggests may be linked to geopolitical factors.
While decentralized finance (DeFi) platforms were the primary targets in previous years, 2024 saw a shift, with centralized platforms becoming the primary victims. This change in tactics highlights the increasing sophistication of cybercriminals, as well as vulnerabilities within more traditional, centralized services.
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Significant breaches include the theft of $305 million from DMM Bitcoin in May 2024 and $234.9 million from WazirX in July. Private key compromises, responsible for 43.8% of the stolen funds, emerged as the most common exploit, with hackers using advanced laundering techniques to obscure their tracks.
They funneled stolen cryptocurrency through decentralized exchanges (DEXs), bridges, and mixing services, making it increasingly difficult for authorities to trace the funds.
Chainalysis warned that securing private keys is becoming more critical than ever, as they continue to be the most targeted vulnerability in crypto-related hacks. The firm stressed that both DeFi and centralized platforms must strengthen their security measures to combat the growing threat.
It advised that: “This shift in focus from DeFi to centralized services highlights the increasing importance of securing mechanisms commonly exploited in hacks, such as private keys. Private key compromises accounted for the largest share of stolen crypto in 2024, at 43.8%.”
In 2024, hacking groups linked to the North Korean regime were responsible for $1.34 billion in stolen crypto across 47 separate incidents—an increase of over 100% compared to 2023, when the total stolen amounted to $660.5 million across 20 incidents. These attacks accounted for 61% of the total funds stolen and 20% of the overall hacking incidents in 2024.
Chainalysis noted that North Korea’s state-sponsored hacking activities are primarily aimed at funding the country’s weapons development programs and circumventing international sanctions. The country’s hackers have become increasingly sophisticated, using tactics such as infiltrating crypto and Web3 companies through remote work opportunities and false identities.
