theglobalsun – A new report from crypto blockchain analytics firm Chainalysis reveals that $2.2 billion worth of cryptocurrencies has been stolen globally this year. With North Korean hackers responsible for over half of the total theft. The report estimates that hackers affiliated with the isolated state stole $1.3 billion in digital currencies. More than doubling their illicit haul from the previous year.
The study highlights that some of these thefts involve North Korean cybercriminals posing as remote IT workers to infiltrate cryptocurrency exchanges and technology companies. This sophisticated tactic has allowed them to gain access to sensitive systems, enabling large-scale heists.
The surge in cryptocurrency thefts coincides with a significant rally in bitcoin’s price, which has more than doubled this year. The anticipation of a crypto-friendly administration under incoming U.S. President Donald Trump has fueled optimism in the market, contrasting with the more cautious regulatory stance of outgoing President Joe Biden.
The report underscores the growing need for stronger security measures in the cryptocurrency sector as the scale and sophistication of cyberattacks continue to escalate. Experts warn that without proactive steps to secure digital assets, the industry remains vulnerable to exploitation by state-affiliated actors and criminal organizations.
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Cryptocurrency Thefts Surge by 21% in 2024
According to a report from Chainalysis, cryptocurrency thefts surged by 21% in 2024 compared to the previous year. With hackers stealing a staggering $2.2 billion globally. Nevertheless, this figure still falls below the peak levels observed in 2021 and 2022.
The report attributes the rise in thefts to an increasingly sophisticated threat landscape. Emphasizing the pressing need for the crypto industry to bolster its security measures. Most of the stolen assets this year resulted from compromised private keys—unique codes granting access to users’ funds on crypto platforms.
“Centralized exchanges manage substantial amounts of user funds, and a single private key compromise can lead to catastrophic losses,” the study explained. This vulnerability underscores the critical importance of robust security protocols for centralized platforms, which remain lucrative targets for hackers.
The report’s findings also highlight the dynamic nature of cyber threats facing the cryptocurrency sector. As hackers deploy more advanced methods, industry players are urged to adopt proactive measures to protect digital assets. Chainalysis suggests enhanced encryption, user education, and decentralized security solutions as pivotal steps in mitigating risks.
Major Crypto Heists in 2024 Include $300M Bitcoin Theft as U.S. Targets North Korean Cybercrime
Some of the largest cryptocurrency thefts in 2024 have shaken the industry. Including the theft of $300 million in bitcoin from Japan’s DMM Bitcoin exchange and the loss of nearly $235 million from India’s WazirX exchange. These incidents underscore the persistent vulnerabilities within the crypto ecosystem.
The U.S. government has linked North Korea to many of these attacks. Accusing the regime of using cryptocurrency theft to evade international sanctions and fund its weapons programs. According to officials, North Korean hackers employ sophisticated tactics. Including cybercrime and posing as remote IT workers, to infiltrate crypto platforms and other tech firms.
Last week, a federal court in St. Louis indicted 14 North Koreans for allegedly orchestrating a long-running scheme to extort funds from U.S. companies. The Department of Justice revealed that these funds were funneled to support Pyongyang’s weapons development. Intensifying global scrutiny on the regime’s activities.
To counter these threats, the U.S. State Department has announced a reward of up to $5 million for information that could help dismantle North Korea’s illicit crypto operations. The move signals a strong commitment to addressing cybercrime that threatens the integrity of financial systems worldwide.
These incidents highlight the urgent need for improved security measures across the cryptocurrency sector. As hackers increasingly target centralized platforms, exchanges and users alike must adopt stricter safeguards to protect their assets. With digital currencies becoming an essential part of the global financial landscape, ensuring their security remains paramount.
