• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Chainalysis: Increasing Ransomware and Fund Thefts in the Cryptocurrency Sector

user avatar

by Giorgi Kostiuk

a year ago


  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.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Trump's Comments on Bitcoin and Federal Reserve Leadership

chest

President Trump discusses Bitcoin's resistance levels and the upcoming announcement of the new Federal Reserve Chair.

user avatarLucas Weissmann

Delayed Tariff Effects Impact Business Outlooks

chest

Businesses are facing challenges in planning and hiring due to delayed tariff effects, with potential headcount reductions anticipated in 2026.

user avatarFilippo Romano

Google Unveils Android 16 Update with Revolutionary AI Features

chest

Google has launched the Android 16 update, introducing AI-powered notification summaries that enhance user interaction with devices, particularly benefiting cryptocurrency traders.

user avatarEmily Carter

Understanding Leverage in Derivatives Trading

chest

Understanding leverage and its implications for trading outcomes.

user avatarKaterina Papadopoulou

The Importance of Research in Derivatives Trading

chest

The importance of thorough research in making informed trading decisions.

user avatarMaya Lundqvist

The Necessity of a Robust Risk Management Plan in Trading

chest

The necessity of a robust and quantifiable risk management plan in trading.

user avatarTomas Novak

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.