Crypto Hacks Reach $2.2 Billion in 2024: Key Facts and Security Tips
In 2024, crypto hacks totaled $2.2 billion, with major attacks on platforms like DMM Bitcoin and WazirX. Learn about the rise in cyberattacks and how to keep your digital assets safe.
Cryptocurrency-related cyberattacks surged to unprecedented levels in 2024, with losses climbing to $2.2 billion, up 21% from the previous year. A report revealed that hackers successfully carried out 303 attacks, marking the fourth consecutive year of billion-dollar losses.
This troubling trend comes amid explosive growth in the cryptocurrency market. Bitcoin alone surged 140% in 2024, surpassing $100,000 for the first time and attracting widespread attention from both institutional investors and political leaders. However, the soaring market has also become a lucrative hunting ground for cybercriminals.
Why Are Crypto Hacks Increasing?
Cybersecurity experts highlight vulnerabilities in centralized platforms and weak private key management as major issues. These platforms, while convenient for users, remain prime targets for hackers due to the vast amounts of digital assets stored on them.
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“Criminal activity often grows alongside market expansion,” noted Eric Jardine, a cybersecurity expert. “As the crypto market evolves, stopping these crimes—particularly fraud and theft—will be a top priority for the industry.”
High-Profile Hacks of 2024
The year saw some of the largest crypto heists in history, including:
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DMM Bitcoin (Japan): Hackers stole $305 million in May, one of the largest breaches of the year.
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WazirX (India): In July, $235 million was drained from the platform, raising concerns about the security of major exchanges.
Such incidents highlight the need for improved protocols and infrastructure to safeguard user funds.
North Korea's Growing Role in Crypto Heists
One of the most alarming findings of the report was the increasing involvement of North Korea in crypto-related crimes. Hackers linked to the country reportedly stole $1.3 billion in 2024, more than doubling their 2023 figures. Analysts believe these funds are being used to evade international sanctions and support the country’s regime.
“Cryptocurrency has become a critical tool for North Korea’s illicit operations,” the report stated. Despite global scrutiny, North Korea has consistently denied any involvement.
How This Affects the Average Investor
For everyday users, these cyberattacks serve as a stark reminder of the risks in the cryptocurrency space. To protect their funds, individuals are encouraged to:
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Use Hardware Wallets: Store cryptocurrencies offline to minimize exposure to hacking risks.
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Enable Multi-Factor Authentication: Add extra layers of security to all accounts.
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Avoid Storing Funds on Centralized Platforms: Limit exposure by using decentralized solutions where possible.
How the Crypto Industry Is Responding to Rising Security Threats
The crypto industry is under mounting pressure to address these security challenges. Experts suggest that enhanced regulatory frameworks, better transparency, and investments in advanced security technologies are essential to curb these rising threats.
With the market poised for further growth in 2025, ensuring user trust through robust security measures will be critical for the long-term success of digital assets. As the stakes grow higher, both industry leaders and investors must take proactive steps to mitigate risks and adapt to the evolving landscape.
Also Read: Peter Schiff Criticizes Bitcoin, Says It’s No Match for Manhattan Real Estate
