Funds stolen by hacking cryptocurrency platforms surged 21 % from a yr in the past to $2.2 billion (roughly Rs. 18,710) in 2024, a report from blockchain evaluation agency Chainalysis confirmed on Thursday.
The hacking quantity exceeded $1 billion (roughly Rs. 8,502 crore) for the fourth straight yr and the variety of incidents rose to 303 from 282 in 2023, it mentioned. Hackers had stolen $1.8 billion (roughly Rs. 15,302 crore) in 2023.
The rise in crypto heists comes as Bitcoin jumped 140 % this yr to surpass $100,000 (roughly Rs. 85 lakh) mark, drawing institutional participation and backing from US President-elect Donald Trump.
“Because the digital asset market booms, it’s typical to see the illicit use of crypto develop in tandem,” Chainalysis’ cybercrimes analysis lead Eric Jardine mentioned.
“Countering the proliferation of those crimes — particularly fraud — will undoubtedly be a key problem for the business within the new yr.”
Compromises to non-public key that controls entry to customers’ property accounted for almost all of stolen crypto this yr with a lot of the assaults concentrating on centralised platforms, the report mentioned.
Among the many most notable hacks are the theft of greater than $305 million (roughly Rs. 2,593 crore) from Japan’s crypto change DMM Bitcoin in Might and the lack of $235 million (roughly Rs. 1,997 crore) from India’s WazirX in July.
Crypto hacking linked to North Korea greater than doubled from a yr in the past to a document excessive of $1.3 billion (roughly Rs. 11,053 crore) in 2024, Chainalysis mentioned.
Cryptocurrency permits North Korea to bypass worldwide sanctions, the United Nations has mentioned. The nation routinely denies involvement in cyber hacking or crypto heists.
© Thomson Reuters 2024
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