$2.2 Billion Stolen from Crypto Platforms in 2024 – Report
The year 2024 saw a significant rise in cryptocurrency theft, with total funds stolen increasing by 21.07% year-over-year (YoY) to $2.2 billion. Hacking incidents also rose from 282 in 2023 to 303 in 2024. However, the pattern of crypto hacking shifted mid-year, as noted in a mid-year crime update.
Between January and July 2024, the cumulative value of stolen funds reached $1.58 billion, marking an 84.4% increase compared to the same period in 2023. This surge indicated that 2024 could rival the record-breaking $3 billion+ thefts of 2021 and 2022. Yet, hacking activity slowed significantly after July, maintaining a steady pace through the year.
Shifting Targets: DeFi vs. Centralized Services
Decentralized finance (DeFi) platforms were the primary targets of crypto hacks during most quarters between 2021 and 2023. Developers’ focus on rapid growth over security measures likely made DeFi platforms vulnerable. While DeFi platforms accounted for the largest share of stolen assets in Q1 2024, centralized services took precedence in Q2 and Q3.
Notable centralized service hacks included:
- DMM Bitcoin (May 2024): $305 million stolen.
- WazirX (July 2024): $234.9 million stolen.
The Growing Threat of North Korean Hackers
North Korea-affiliated hackers continued to escalate their activities in 2024, employing sophisticated techniques such as advanced malware and social engineering. These hackers stole approximately $1.34 billion across 47 incidents in 2024, marking a 102.88% increase in value stolen compared to $660.50 million across 20 incidents in 2023.
North Korean hacking accounted for:
- 61% of total funds stolen in 2024.
- 20% of total hacking incidents in 2024.
International officials have linked these stolen funds to Pyongyang’s funding of weapons of mass destruction and ballistic missile programs, heightening global security concerns.
Revisions and Patterns in DPRK Hacking
While earlier reports suggested that the Democratic People’s Republic of Korea (DPRK) stole $1.0 billion across 20 hacks in 2023, further investigation revised this figure to $660.50 million. Despite this adjustment, the frequency of DPRK-linked attacks has increased.
Key trends in DPRK hacking activities:
- Attacks yielding between $50 million and $100 million, as well as those exceeding $100 million, occurred more frequently in 2024 than in 2023.
- The average time between successful DPRK attacks decreased YoY, highlighting an improvement in their capacity to execute large-scale exploits efficiently.
Conclusion
Crypto crime in 2024 underscores a worrying trend: an increase in both the scale and frequency of thefts. While centralized services emerged as a major target mid-year, the continued dominance of North Korean hackers—responsible for 61% of the year’s stolen funds—poses a significant threat to global financial and security systems.
