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The Crypto Heist Shaking the World in 2024
In 2024, cryptocurrency thefts reached a new high, with hackers linked to North Korea responsible for a massive 61% of all stolen crypto, totaling $1.34 billion. According to a recent report from Chainalysis, the total value of crypto stolen this year jumped by 21%, hitting $2.2 billion.
North Korean hackers have long been involved in cybercrimes, and this year’s numbers show just how serious the threat has become. The United Nations reported that between 2017 and 2023, North Korea’s hacking groups stole around $3 billion in crypto. In 2024 alone, hackers tied to the country have already stolen more than $1.3 billion, making up nearly two-thirds of the total amount taken worldwide.
🚨 JUST IN: North Korean hackers steal $1.34B in crypto in 2024, marking a 103% increase. pic.twitter.com/kBIrS03GEY
— Cointelegraph (@Cointelegraph) December 23, 2024
Why Are North Korean Hackers So Active?
While this trend isn’t new, the scale of the thefts in 2024 is concerning. The hacking sprees mainly took place in the first half of the year, but interestingly, the number of attacks dropped after a June meeting between North Korean leader Kim Jong Un and Russian President Vladimir Putin. Experts believe the drop in attacks could be related to North Korea’s increasing partnership with Russia, which may have influenced the hackers’ methods and targets.
Despite the slowdown in attacks, cybercrime remains a huge risk in the world of cryptocurrency. The first quarter of 2024 saw decentralized finance (DeFi) platforms hit the hardest, with centralized services like exchanges becoming the primary targets in the middle of the year.
Big Hacks to Watch Out For
Some well-known exchanges were victims of major breaches this year. For example, DMM Bitcoin, a crypto exchange in Japan, lost a staggering $305 million. Meanwhile, WazirX, a popular exchange in India, had to halt withdrawals in July due to a hack believed to be linked to North Korea.
Protecting Your Crypto
As cryptocurrency becomes more valuable, it also becomes a bigger target for hackers. The Chainalysis report highlights the need for better security across crypto platforms. With billions of dollars stolen in recent years, both investors and platforms need to step up their cybersecurity game.
If you’re involved in the crypto world, now’s the time to be extra cautious. Use strong passwords, enable two-factor authentication, and be aware of the risks. With the rise in cyberattacks, staying safe online has never been more important.
