The year 2024 witnessed a record number of crypto hacks, with reports of over 300 incidents resulting in more than $2 billion lost. The Chainalysis report sheds light on the trends in crypto crimes from 2015 to 2024.
Crypto Crime Analysis
According to American blockchain analysis firm Chainalysis, crypto hacks have been on the rise, with 2024 seeing the highest number of attacks. Centralized exchanges are particularly vulnerable to private key compromises despite KYC protocols. DeFi platforms also experienced breaches due to smart contract and security vulnerabilities.
Top Crypto Hacks of 2024
Among the 303 hacks, several major incidents stand out: South Korean platform Orbit Chain lost over $80 million, Japanese exchange DMM Bitcoin lost nearly 4502.9 BTC worth $305 million, and the Indian exchange WazirX, breached by the Lazarus Group, resulted in the loss of $235 million. North Korean hackers accounted for 61% of the total stolen amount in 2024, approximately $1.34 billion.
DPRK Involvement and International Relations
The DPRK has been significantly involved in crypto hacks, utilizing sophisticated Tactics, Techniques, and Procedures (TTPs) for access. In June 2024, DPRK hacking activity reduced by 53.73% following a summit between North Korea and Russia. Recently, the U.S. Department of Justice indicted 14 DPRK nationals for $88 million in theft.
Crypto hacks continue to pose a significant threat to financial security worldwide. Stricter security measures are necessary to prevent further breaches.
