How did cryptocurrency thieves manage to steal a staggering $2.2 billion in 2024?
The digital heist landscape saw a 21% increase from 2023, with hackers executing 303 successful attacks—up from 282 the previous year.
It’s like watching digital bank robbers graduate from stealing wallets to commandeering armored trucks.
The first half of 2024 was particularly brutal, with stolen funds reaching $1.58 billion by July—a whopping 84.4% higher than the same period in 2023.
The pace mercifully slowed in the latter half, possibly due to geopolitical shifts that changed the playing field.
Early 2024 saw DeFi platforms (think digital banking without the banker) taking the brunt of attacks.
These platforms often rush to market, leaving security holes big enough to drive a crypto-truck through.
By mid-year, hackers pivoted to centralized services—the Fort Knox equivalents of crypto—where massive user funds created irresistible targets.
Private key compromises emerged as the hacker’s favorite skeleton key, accounting for 43.8% of stolen funds.
Imagine leaving your house key under the doormat, except this doormat guards millions of dollars.
The year’s biggest heist hit DMM Bitcoin for $305 million in May, followed by WazirX’s $234.9 million loss in July.
Both cases likely involved mismanaged private keys—the digital equivalent of leaving your vault combination written on a Post-it.
North Korean hackers had a banner year, pilfering a record $1.34 billion across 47 incidents—61% of all stolen value.
These state-sponsored digital pickpockets typically deploy sophisticated malware and social engineering to fund state operations.
Post-DPRK-Russia summit, we saw a notable 53.73% decline in North Korean hacking activity, while non-DPRK hacks actually increased by 5%.
Despite improved security measures, including machine learning-based detection, crypto platforms remain vulnerable.
The industry continues its cat-and-mouse game with increasingly sophisticated attackers, suggesting that 2025 might see similar challenges as digital assets grow more mainstream and tempting targets multiply.
Many platforms are now exploring quantum-resistant cryptography to protect against future threats from advanced computing technology.
The 2025 hacking trend continues with July seeing 17 attacks totaling $142 million stolen, marking a 27% increase from June.
