Cryptocurrency Hacking Losses in 2024

According to Chainalysis, cryptocurrency platforms experienced losses of $2.2 billion in 2024 due to hacking, marking a 21% increase from the previous year.

This is the fourth consecutive year that losses have surpassed $1 billion, with reported incidents rising to 303 from 282 in 2023.

The surge in losses coincides with a remarkable 140% rise in Bitcoin's price this year, surpassing $100,000 and drawing interest from institutional investors and support from U.S. President-elect Donald Trump.

Eric Jardine, the cybercrimes research lead at Chainalysis, noted, "As the digital asset market booms, it is typical to see the illicit use of crypto grow in tandem."

Most stolen funds originated from private key breaches, with centralized platforms being primary targets. Significant hacks included:
– $305 million from Japan's DMM Bitcoin in May
– $235 million from India’s WazirX in July

Additionally, North Korea-linked cryptocurrency theft reached a record $1.3 billion in 2024, more than doubling from the previous year. The UN has stated that cryptocurrency aids North Korea in evading sanctions, a claim the country denies.