The surge in cryptocurrency theft in 2024 has been attributed to North Korean hackers, who are responsible for 61% of the thefts, amounting to $1.34 billion across 47 separate incidents. This highlights the ongoing threat posed by state-sponsored cybercriminals in the digital asset space.
The first half of 2024 has seen a significant increase in hacking activity, with $1.58 billion stolen between January and July, an 84.4% increase compared to the same timeframe in 2023.
Following a summit between North Korean leader Kim Jong Un and Russian President Vladimir Putin, there was a notable decline in the amount stolen by North Korean-linked hackers, dropping by 53.73%.
Decentralized finance (DeFi) platforms have been primary targets for hackers, but the focus of attacks shifted towards centralized services as the year progressed.
Notable breaches in 2024 include the attack on Japanese exchange DMM Bitcoin, resulting in a loss of $305 million, and the security breach at Indian exchange WazirX.
These breaches erode trust in cryptocurrency exchanges and can deter potential investors.
The historical context of cryptocurrency theft shows that it has been a recurring issue, with significant losses in previous years.
As the cryptocurrency market continues to mature, the threat landscape is likely to evolve further, emphasizing the need for enhanced security measures and collaboration between stakeholders.