Crypto Hacking Losses Rise to $2.2 Billion

In 2024, funds stolen from cryptocurrency platforms surged 21% year-over-year to $2.2 billion, with a total of 303 hacking incidents reported, up from 282 in 2023. This trend coincides with a significant increase in Bitcoin's value, which rose 140% to surpass $100,000. Centralized platforms became the primary targets for hackers, marking a shift from previous years when decentralized finance (DeFi) platforms were favored. Notable hacks included over $305 million stolen from Japan's DMM Bitcoin and $235 million from India's WazirX. Additionally, hacking linked to North Korea reached a record $1.34 billion, illustrating the country’s continued use of cybercrime to evade sanctions. Experts emphasize that addressing the rise in crypto-related fraud will be a major challenge for the industry moving forward.