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Crypto Hacks in 2024: Centralized Exchanges Are Now the Top Targets for Cybercriminals
According to the latest Chainalysis report on crypto crimes, a shocking $2.2 billion was lost due to cybercrimes in 2024, which marks an alarming 21% increase from the previous year. The report highlights that centralized exchanges have become the top targets for hackers, with 303 cases of crypto theft reported this year.
The numbers are staggering: $1.34 billion of the total simulated funds stolen were attributed to North Korean hackers, representing a remarkable 61% of all thefts. This is not only an increase in frequency but also a significant escalation in sophistication, as these hackers have developed advanced cyber techniques to finance state activities such as weapon development.
However, it’s essential to note that from July 2024 onwards, there was a noticeable decline in North Korea’s hacking activity by a staggering 53.7%. This reduction can be attributed to geopolitical factors like the Putin-Kim Jong Un Summit Meet.
A shift has been observed in the modus operandi of hackers. They are no longer just targeting private keys but also employing more sophisticated tactics such as using bridges and mixing services to cover their tracks. The notorious WazirX hack, where $234.9 million was stolen, is a perfect illustration of this.
It’s crystal clear that the current crypto landscape requires immediate attention on security measures. This includes increasing private key security, collaboration with governments and private players, as well as adapting to evolving rules and oversight.
Source: coinpedia.org
