Centralized Exchanges Reclaimed by Hackers: Ransomware Payments Soar in 2024

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by Giorgi Kostiuk

2 years ago

Made with AI

  1. Rise in Stolen Funds and Ransomware Attacks
  2. Criminals Shift Focus to Centralized Exchanges
  3. Increased Ransomware Attacks


    4. New data from Chainalysis reveals a significant increase in stolen funds and ransomware attacks in 2024. Meanwhile, criminals are refocusing on centralized exchanges.

    Rise in Stolen Funds and Ransomware Attacks

    In 2024, the amount of stolen funds nearly doubled, reaching $1.58 billion compared to $857 million last year. Ransomware payments have also grown, with mid-2023 figures at $449.1 million, reaching $459.8 million by late July 2024.

    Criminals Shift Focus to Centralized Exchanges

    According to Chainalysis, by the end of July 2024, the total value of stolen assets exceeded $1.58 billion, an 84.4% increase compared to the same period last year. The research also showed that criminals are refocusing on centralized exchanges after four years of targeting decentralized platforms. Following the peak of attacks on DeFi services and cross-chain bridges in 2022, hackers, including North Koreans, are using advanced social engineering tactics to breach these exchanges.

    Increased Ransomware Attacks

    Chainalysis reported that ransomware payments had reached $459.8 million, making 2024 a record-breaking year. According to Andrew Davis, general counsel for Kiva Consulting, ransomware activity remains high despite disruptions to the LockBit and ALPHV/BlackCat groups. The largest single payment to hackers in 2024 was approximately $75 million to the ransomware group Dark Angels, representing a 96% year-over-year increase from 2023 and a 335% rise from 2022. Larger companies and key infrastructure providers remain prime targets for attacks, leading to significant ransom payments due to their deep pockets.

    The sharp increase in stolen funds and ransomware attacks in 2024 highlights the need for enhanced cybersecurity measures, particularly in the context of the renewed focus on centralized exchanges.

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