Chainalysis: Increasing Ransomware and Fund Thefts in the Cryptocurrency Sector

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI


  1. The Rise of Ransomware and Fund Thefts
  2. Ongoing North Korean Hacker Attacks
  3. Conclusion

  4. 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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Broadridge and Dinari Integrate Proxy Voting for Tokenized Stocks

Broadridge and Dinari have integrated their systems to allow eligible holders of Dinaris dShares to exercise voting rights through established proxy voting infrastructure.

user avatarTando Nkube

Google Launches TPU 8tx and TPU 8i Max AI Systems to Challenge Nvidia

Google has launched TPU 8tx and TPU 8i Max AI systems to enhance privacy and memory capabilities, aiming to compete with Nvidia.

user avatarKofi Adjeman

Nvidia's Stock Plummets Amid Scandal and Google’s AI Chip Launch

Nvidia's stock has dropped significantly following CEO Jensen Huang's admission of an extramarital affair, coinciding with Google's announcement of new AI chips.

user avatarNguyen Van Long

FATF to Review Jurisdictions with Weak Virtual Asset Oversight

The Financial Action Task Force (FATF) will review jurisdictions with longstanding shortcomings in virtual asset regulation to identify necessary actions for the upcoming plenary.

user avatarSatoshi Nakamura

Stellar Development Foundation Makes Strategic Investment in Marketnode

On October 29, the Stellar Development Foundation announced a strategic investment in Marketnode to enhance institutional access to tokenized investment products in the Asia-Pacific region.

user avatarJesper Sørensen

Tokenization Efforts in Wall Street Face Challenges

Tokenization efforts on Wall Street face challenges as major companies opt out, highlighting volatility and illiquidity in the market.

user avatarRajesh Kumar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.