Funds stolen by hacking cryptocurrency platforms surged 21% from a yr in the past to US$2.2-billion (R40.5-billion) in 2024, a report from blockchain evaluation agency Chainalysis confirmed.
The hacking quantity exceeded $1-billion for the fourth straight yr and the variety of incidents rose to 303 from 282 in 2023, it mentioned. Hackers had stolen $1.8-billion in 2023.
The rise in crypto heists comes as bitcoin jumped 140% this yr to surpass the $100 000 mark, drawing institutional participation and backing from US President-elect Donald Trump.
“Because the digital asset market booms, it’s typical to see the illicit use of crypto develop in tandem,” Chainalysis’ cybercrimes analysis lead Eric Jardine mentioned. “Countering the proliferation of those crimes — particularly fraud — will undoubtedly be a key problem for the business within the new yr.”
Compromises to non-public key that controls entry to customers’ property accounted for almost all of stolen crypto this yr with many of the assaults focusing on centralised platforms, the report mentioned.
Among the many most notable hacks had been the theft of greater than $305-million from Japan’s crypto trade DMM Bitcoin in Could and the lack of $235-million from India’s WazirX in July.
North Korea
Crypto hacking linked to North Korea greater than doubled from a yr in the past to a document excessive of $1.3-billion in 2024, Chainalysis mentioned.
Cryptocurrency permits North Korea to bypass worldwide sanctions, the United Nations has mentioned. The nation routinely denies involvement in cyber hacking or crypto heists. — Medha Singh, (c) 2024 Reuters
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