- $2.2 billion worth of cryptocurrency was stolen in 2024, up 21% year-over-year, claims report
- More than 300 separate incidents were tracked, 10x more than in 2018 and 2019, Chainalysis found
- North Korea blames $1.34 billion in stolen crypto
More than $2.2 billion worth of cryptocurrency was stolen from crypto platforms in 2024, while the theft of decentralized money continues to rise, new research shows.
The latest review of Chain analysis The number of thefts found has increased by 21%, with the number of hacks increasing from 282 incidents in 2023 to 303 in 2024.
More broadly, the trend of cryptocurrency theft continues to rise, albeit less sharply than the sudden increase during the early years of the pandemic. Only 35 cases occurred in both 2018 and 2019 (70 in total).
Cryptocurrency theft is hot right now
Interestingly, the monthly cumulative amounts stolen in 2020, 2021, 2022 and 2023 all moved to the right, but 2024 marked a sudden change in that trend. By July 2024, $1.58 billion had already been stolen, leaving just $0.62 billion (or $620 million) to bring us to the current total.
Major breaches such as the $305 million hack of Japan’s DMM Bitcoin platform in May and the $235 million attack on India’s WazirX in July are both believed to have impacted crypto thefts throughout the year.
Chainalysis cites geopolitical changes to explain the slowdown in cryptocurrency theft. While the precise attack times and scales have varied, one consistent trend was identified: North Korean hackers are still invested in attacking crypto wallets.
Groups linked to the country’s government were responsible for as much as $1.34 billion in 47 incidents – double the amount linked to North Korea in 2023.
“US and international officials have determined that Pyongyang uses the cryptocurrency it steals to fund its weapons of mass destruction and ballistic missile programs, endangering international security,” the company added.
Chainalysis also highlighted North Korea’s ties with Russia, which has been at war with Ukraine since 2022.
Looking ahead, the researchers urge the public and private sectors to come together to establish data sharing initiatives, real-time security solutions, advanced tracking tools and targeted training.