1. Crypto Hacking Value Up in 2024
2. Hackers Returning to Centralized Exchanges
3. 2024 on Track to Be Highest-Grossing Year in Crypto Ransoms

According to the latest data from Chainalysis, overall illicit transactions in cryptocurrency markets declined in 2024, but certain types of crypto-related criminal activity have risen.

Crypto Hacking Value Up in 2024

Following a 50% drop in 2023, cryptocurrency hacking activity has seen a significant resurgence so far in 2024. The cumulative value of crypto stolen this year through the end of July has passed $1.58 billion, an 84% increase over the same period in 2023. Chainalysis noted that the average value compromised per hack rose by 79.5%, driven by higher cryptocurrency prices.

Hackers Returning to Centralized Exchanges

Chainalysis also found a resurgence in hackers targeting centralized exchanges (CEX) in 2024, with incidents such as the $305 million Bitcoin loss suffered by Japan's DMM exchange in May. This hack accounted for approximately 19% of the total value stolen in cryptocurrency hacks in 2024.

2024 on Track to Be Highest-Grossing Year in Crypto Ransoms

Cryptocurrency-related ransomware attacks have increased in 2024. In July, Chainalysis identified a $75 million crypto payment to the ransomware group Dark Angels, marking the largest single ransomware payment ever recorded. Most ransomware payments are made through Bitcoin, as evidenced by CDK Global's $25 million Bitcoin ransom payment in June 2024.

Despite the overall decline in illicit activity, the rise in hacking and ransomware in 2024 presents a significant challenge for the cryptocurrency industry.