$2.2 billion from cryptocurrency hacks in 2024

That year, 2024, was another turbulent year for the cryptocurrency industry, as cybercriminals caused $2.2 billion in losses to cryptocurrency platforms, According to Chainalogy, a blockchain analytics company.

It is up fifteen percent from $1.8 billion in 2023, reflecting the growing problem with digital assets having increased exposure.

The number of hacking incidents not only rose from 282 in 2023 to 303 in 2024, but also continued to rise from 270 in 2018 to 298 in 2019. The increase from January to July was even more pronounced: Video: More than $1.58 billion stolen, an 84.4 percent increase over last year.

The first preview chapter of the 2025 Cryptocurrency Crime Report is dedicated to stolen funds. We take a look at cryptocurrency hacking trends in 2024, DPRK activities, and more: https://t.co/1cu8druW84

– Chain Analysis (@chainalize) December 19, 2024

The trick was that the theft occurred much more slowly in the latter half of the year, suggesting that criminal tactics may be beginning to change.

Historically, decentralized finance (DeFi) platforms have also been favorite targets of hackers since DeFi is growing rapidly and, in many cases, has been placed on less robust security protocols. DeFi platforms stole the most assets during the first quarter of 2024. In the second and third quarters, there was a shift in focus from decentralized to centralized platforms.

Some of the most significant centralized platform hacks include:

• DMM Bitcoin: $305 million stolen in May.
• WazirX: In July, criminals stole $234.9 million, including the recovered portion.

Platform centrality is also threatened by compromise attacks, such as when private keys are compromised. Chaina Analysis indicates that this is the most vulnerable attack vector in 2024, accounting for 43.8 percent of all stolen cryptocurrencies.

However, hackers’ growing attack strategies and their ability to launder stolen funds are on the rise in tandem. Many major private sector cybercriminals have used blockchain bridges and mixing services to hide where they are sending those stolen assets, making it impossible for authorities to recover them.

Other hackers broke ranks and laundered their illicit profits through decentralized exchanges.

Money laundering techniques continue to evolve, and efforts to enforce them are becoming difficult. This could also lead to greater hurdles in asset recovery and raise doubts about the working of current regulatory measures.

Today we announced that Chainalogy has acquired Web3 security company Hexagate. Hexagate is a crypto leader in real-time threat detection and mitigation Blockchain networks.

Nuit Benov, CEO of Hexagate, says its technology has generated more than $1 billion in customer benefits by helping organizations quickly respond to potential risks. Coinbase and Consensys’ on-chain operations are secured using Hexagate.

This acquisition is part of Chainasils’ broader efforts to make blockchain safer and more secure across the industry.

It’s a wake-up call to how badly we need to improve security on both centralized and decentralized platforms. as Cryptocurrency The ecosystem evolves, and so do the crimes against it.

Acquisition Hexa Hacks and modifications to available security tools are good news, but the never-ending work of hackers in their various ways trying to make money keeps the idea of ​​cryptocurrency-related cybercrime far ahead of the industry.