Crypto Platforms Suffered $2,200,000,000 in Losses From Hacks in 2024 – But There’s a Catch: Chainalysis

Leading blockchain data analysis firm Chainalysis says hackers stole over $2 billion from crypto platforms this year.

Even more alarming, according to the Chainalysis report, stolen funds saw more than a 20% increase from 2023.

“Crypto hacking remains a persistent threat, with four years in the past decade individually seeing more than a billion dollars worth of crypto stolen (2018, 2021, 2022, and 2023). 2024 marks the fifth year to reach this troubling milestone, highlighting how, as crypto adoption and prices rise, so too does the amount that can be stolen.

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.”

Curiously, however, Chainalysis notes that hacking has slowed dramatically in the second half of 2024.

“In our mid-year crime update, we noted that 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…

However, 2024’s upward trend slowed considerably after July, after which it remained relatively steady.”

Despite the slowdown, Chainalysis also reveals a daunting fact: North Korean hackers stole more crypto in 2024 than ever before.

“In 2023, North Korea-affiliated hackers stole approximately $660.50 million across 20 incidents; in 2024, this number increased to $1.34 billion stolen across 47 incidents — a 102.88% increase in value stolen. These figures represent 61% of the total amount stolen for the year, and 20% of total incidents.”

Read the full Chainalysis report here.

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