Cryptocurrency platforms suffered a staggering $2.2bn in thefts in 2024, marking a 21% year-on-year increase, according to blockchain analytics firm Chainalysis. Notably, North Korean hackers accounted for 61% of the stolen funds, highlighting their dominance in the world of crypto crime.
A Year of Intensified Cybercrime
Chainalysis reported 303 hacking incidents in 2024, up from 282 the previous year. The first half of the year was particularly active, with losses reaching $1.58bn by July—an 84% increase over the same period in 2023. While the pace of attacks slowed in the latter half of the year, this was likely linked to geopolitical developments, including a summit between Vladimir Putin and Kim Jong-un in June.
North Korea’s Evolving Tactics
The report revealed a sharp uptick in large-scale attacks, with heists of $50–$100m and above $100m becoming more frequent. This contrasts with 2023, when North Korean exploits more often yielded under $50m. Smaller-scale attacks also surged, with incidents yielding around $10,000 linked to North Korean IT workers infiltrating crypto firms via false identities and remote work opportunities.
Despite the slowdown in the second half of 2024, North Korea’s sophistication in orchestrating massive crypto thefts continues to grow. Chainalysis suggested that frozen North Korean assets released post-summit might have reduced the financial pressure on their operations, leading to a temporary dip in large-scale attacks.
Strengthening Defenses
To combat the growing threat, Chainalysis urged crypto firms to adopt stricter employee vetting processes and improve private key hygiene. It also recommended data-sharing initiatives, advanced tracing tools, and targeted training to bolster security.
As regulatory scrutiny intensifies, platforms must prioritize asset protection and collaborate closely with law enforcement to enhance resilience. By fostering a culture of vigilance and innovation, the industry can mitigate risks and ensure customer trust.
A Call for Accountability
The report underscored the importance of proactive measures in an evolving threat landscape. “Industry best practices must keep pace with regulatory changes, ensuring both prevention and accountability,” it concluded. Robust defenses, coupled with stronger partnerships, are key to safeguarding the future of cryptocurrency.
The stakes are higher than ever, and only a united front can turn the tide against increasingly sophisticated cybercriminals.
