🥷 Over $2.2 billion stolen in crypto in 2024!
📊 In this thread, we highlight thefts and fraud, and delve into:
🔍 Digital Breach Trends in 2024
🚨 North Korean Activities in this Field
Follow us for more exciting details and data! 👇
🚨 Ongoing Threat:
The history of crypto breaches proves that challenges are not over yet! 😱
Over the past decade, 5 years have seen over a billion dollars stolen from cryptocurrencies:
2018, 2021, 2022, 2023, and now 2024.
🔻 In 2024:
💥 Stolen funds increased by 21.07% from the previous year to reach $2.2 billion.
💥 The number of incidents increased from 282 in 2023 to 303 in 2024.
With the increasing adoption of crypto and rising prices, the risks are also increasing!
⬅️ The time difference!
👀 In the first half of 2024, the total amount stolen from cryptocurrencies reached $1.58 billion, an increase of 84.4% compared to the same period in 2023. Although the upward trend continued until July, it significantly slowed down thereafter.
We will later explore the potential geopolitical reason for this change!
⬅️ Key Target Sectors Highlighted!
In 2024, changes were observed in the types of platforms targeted. DeFi platforms were the main target of attacks between 2021 and 2023, due to rapid growth priorities at the expense of security. While DeFi was the most targeted in the first quarter of 2024, centralized services and platforms topped the attacks in the second and third quarters, such as the DMM Bitcoin breach of $305 million in May and WazirX of $234.9 million in July.
⬅️ Why this shift?
The shift from targeting DeFi platforms to centralized services highlights the importance of securing the mechanisms exploited in attacks, such as private keys.
Private key breaches accounted for the largest share of thefts in 2024, at 43.8%.
⬅️ North Korean hackers!
North Korean hackers accounted for the largest share of hacking activities, stealing a record amount from cryptocurrency platforms in 2024, totaling $1.34 billion, representing 61% of the total stolen amounts this year. 🤯
⬅️ The biggest breach in 2024!
😱 The breach of the DMM Bitcoin platform by North Korean hackers in 2024 was one of the most notable attacks, resulting in the theft of 4,502 Bitcoin ($305 million). The attack exploited vulnerabilities in the DMM architecture, leading to unauthorized withdrawals. After the attack, the stolen funds were transferred through several services and tools, eventually reaching markets and platforms. Due to the scale of the attack, DMM decided to close the platform in December 2024 and transfer the assets to other platforms and wallets.
🚨 The necessity to enhance the security of cryptocurrencies 🚨
The increase in thefts and fraud in 2024 underscores the urgent need to address the rising and evolving threats in this field. Although thefts have not reached the levels of 2021 and 2022, the emergence of new exploitation methods highlights gaps in current security. Solutions require collaboration between the public and private sectors, such as data sharing and advanced tracking tools for specialized training.
