Funds stolen through cryptocurrency platform hacks soared by 21% in 2024, reaching $2.2 billion, according to a report released Thursday by blockchain analysis firm Chainalysis.
This marks the fourth consecutive year in which thefts have exceeded $1 billion, with the number of incidents rising to 303 from 282 in 2023.
The increase comes amid a booming digital asset market, with bitcoin surging 140% this year to surpass $100,000, fueled by growing institutional interest and support from U.S. President-elect Donald Trump.
“As the digital asset market booms, it is typical to see the illicit use of crypto grow in tandem,” said Eric Jardine, Chainalysis’ lead researcher on cybercrimes. “Countering the proliferation of these crimes — especially fraud — will undoubtedly be a key challenge for the industry in the new year.”
The report highlights that compromises to private keys, which grant access to users’ assets, accounted for the majority of stolen crypto. Centralized platforms were the primary targets of these attacks.
Notable incidents included a $305 million theft from Japan’s crypto exchange DMM Bitcoin in May and a $235 million hack of India’s WazirX in July.
Crypto hacking linked to North Korea more than doubled from the previous year, reaching a record $1.3 billion in 2024. According to the United Nations, cryptocurrency enables North Korea to bypass international sanctions. The nation routinely denies involvement in cyberattacks or crypto thefts.
As the cryptocurrency market continues to grow, tackling cybercrime and ensuring security for digital assets remain critical challenges for regulators, platforms, and users alike.
