It's been a huge year for criminals stealing cryptocurrency - and North Korea was largely to blame - Understanding Gap Insurance: Protect Your Financial Future

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$2.2 billion worth of cryptocurrency was stolen in 2024, up 21% year-on-year, report claims
More than 300 separate incidents were tracked, 10x that of 2018 and 2019, Chainalysis found
North Korea blamed for $1.34 billion in stolen crypto

More than $2.2 billion worth of cryptocurrency was stolen from crypto platforms throughout 2024 as theft of the decentralized money continues to rise, new research has claimed.

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The latest review from Chainalysis found theft rates are up 21%, with the number of hacks increasing from 282 incidents in 2023 to 303 in 2024.

More broadly, the trend of cryptocurrency theft continues to rise, though less sharply than the sudden surge seen during the early years of the pandemic. In both 2018 and 2019, only 35 instances occurred (totalling 70).

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Interestingly, month-by-month cumulative funds stolen during 2020, 2021, 2022 and 2023 all continued up and to the right, however 2024 marked a sudden change to that trend. By July 2024, $1.58 billion had already been stolen, leaving just $0.62 billion (or $620 million) left to bring us to today’s total.

Major breaches like the $305 million hack of Japan’s DMM Bitcoin platform in May and the $235 million attack on India’s WazirX in July are both said to have influenced crypto thefts throughout the year.

Chainalysis cites geopolitical changes for the slowdown in cryptocurrency thefts, as while precise attack times and scales have varied, it identified one consistent trend: North Korean hackers continue to be invested in attacking crypto wallets.

Groups linked to the country’s government were responsible for a staggering $1.34 billion across 47 incidents – that’s double the sum linked to North Korea in 2023.

“US and international officials have assessed that Pyongyang uses the crypto it steals to finance its weapons of mass destruction and ballistic missiles programs, endangering international security,” the company added.

Chainalysis also highlighted North Korea’s affiliation with Russia, which has been at war with Ukraine since 2022.

Looking ahead, the researchers are urging public and private sectors to come together to establish data-sharing initiatives, real-time security solutions, advanced tracing tools, and targeted training.

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