Losses from crypto hacks leap to $2.2 billion in 2024- report

Investing.com — Cryptocurrency platforms misplaced $2.2 billion in 2024, from hacking, a leap of 21% from final 12 months, in line with Chainalysis.

This marks the fourth consecutive 12 months losses have exceeded $1 billion, with incidents rising to 303 from 282 in 2023.

The surge comes as bitcoin soared 140% this 12 months, surpassing $100,000 and attracting institutional traders and help from U.S. 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 stated.

Most stolen funds resulted from personal key breaches, primarily concentrating on centralized platforms. Main hacks included $305 million from Japan’s DMM Bitcoin in Could and $235 million from India’s WazirX in July.

North Korea-linked crypto theft hit a document $1.3 billion in 2024, greater than doubling from final 12 months, the report stated. The UN has beforehand acknowledged that cryptocurrency helps North Korea evade sanctions, a declare the nation denies.