Losses from cryptocurrency hacks jump to $2.2 billion in 2024, the report says

Written by Medha Singh

(Reuters) – Funds stolen by hacking cryptocurrency platforms rose 21% from last year to $2.2 billion in 2024, a report from blockchain analysis firm Chainasis showed on Thursday.

She added that the amount of piracy exceeded $1 billion for the fourth year in a row, and the number of incidents rose to 303 from 282 in 2023. Hackers stole $1.8 billion in 2023.

The rise in cryptocurrency thefts comes with Bitcoin (Bitcoin-dollar) rose 140% this year to exceed the $100,000 mark, attracting institutional participation and support from US President-elect Donald Trump.

“As the digital asset market booms, it’s not uncommon to see the illicit use of cryptocurrencies grow alongside it,” said Eric Jardine, cybercrime research lead at Chainalysis.

“Combating the spread of these crimes – especially fraud – will undoubtedly pose a major challenge for the industry in the new year.”

The report said that breaches of the private key that controls access to users’ assets accounted for the majority of stolen cryptocurrencies this year, with most attacks targeting centralized platforms.

Among the most notable hacks were the theft of more than $305 million from Japanese cryptocurrency exchange DMM Bitcoin in May and the loss of $235 million from India’s WazirX in July.

North Korea-linked cryptocurrency piracy has more than doubled from a year ago to reach a record high of $1.3 billion in 2024, Chainalysis said.

The United Nations said that cryptocurrency allows North Korea to circumvent international sanctions. The country routinely denies involvement in hacking or theft of cryptocurrencies.

(Reporting by Medha Singh in Bengaluru; Editing by Arun Kuyyur)