Analytical company Chainalysis's 2024 report showed an overall decrease in illegal activities in the cryptocurrency sector, but noted a significant rise in fund thefts and ransomware attacks.
The Rise of Ransomware and Fund Thefts
According to Chainalysis, the total value of illegal activities has dropped from $20.9 billion to $16.7 billion since the beginning of the year. Despite the overall reduction, there has been a significant increase in categories such as fund thefts and ransomware attacks. The amount of stolen funds has risen from $857 million to $1.58 billion. Ransomware attack revenues have increased by 2%, reaching $459.8 million. "Since January, the amount of cryptocurrency stolen in each heist has increased by nearly 80%. Part of this is due to the rise in Bitcoin’s price, which accounts for 40% of the total transaction volume associated with these heists."
Ongoing North Korean Hacker Attacks
The report states that revenues from ransomware attacks have reached their highest level so far this year, and 2024 could be a record year for ransomware payments. Despite conducting fewer high-profile attacks, groups carrying out large-scale attacks have collected substantial payments. The report also mentions that North Korean-linked hacker groups are using sophisticated social engineering tactics to infiltrate companies in the cryptocurrency sector and steal funds. According to the latest United Nations (UN) report, thousands of North Korean IT specialists are using sophisticated fraud methods to find jobs in Western technology companies.
Conclusion
Despite the overall decline in illegal activities in the cryptocurrency sector, the significant rise in fund thefts and ransomware attacks continues to pose a major threat to the sector's security and integrity.
The increase in fund thefts and ransomware attacks in the cryptocurrency sector highlights the need for enhanced security measures and developments to counter such threats.
Comments