In a report released by Chainalysis today, crypto theft has risen significantly in 2024.
According to the report, “In 2024, funds stolen increased by approximately 21.07% year-over-year (YoY) to $2.2 billion, and the number of individual hacking incidents increased from 282 in 2023 to 303 in 2024.”
“Cumulative value stolen between January 2024 and July 2024 had already reached $1.58 billion, approximately 84.4% higher than the value stolen over the same period in 2023.”
The rise in cryptocurrency heists coincides with bitcoin’s value soaring by 140% this year, surpassing $100,000, and attracting institutional investors, including support from U.S. President-elect Donald Trump.
Eric Jardine, Chainalysis’ cybercrimes research lead, noted that the boom in digital assets often leads to increased illicit activity. He warned that combating fraud and other crimes will be a key challenge for the industry in the coming year.
The report said that the most common reason leading to stolen cryptocurrency this year was due to compromised private keys, primarily targeting centralized platforms.
Detailing a need for greater crypto security, the report stated; “As crypto regulatory frameworks continue to develop, the scrutiny on platform security and customer asset protection will likely intensify. Industry best practices must keep pace with these changes, ensuring both prevention and accountability. By fostering stronger partnerships with law enforcement and equipping teams with the resources and expertise to respond rapidly, the crypto industry can reinforce its defenses against theft.”
By CEO NA Editorial Staff
