2024 Sees 21% Surge in Cryptocurrency Hacking Losses

In 2024, the amount of cryptocurrency stolen through hacking surged 21% to $2.2 billion, according to a report from Chainalysis. This marks the fourth consecutive year of hacking losses exceeding $1 billion, with the number of incidents rising to 303 from 282 the previous year.

This alarming increase in crypto thefts coincided with Bitcoin's significant 140% rise in value, as it surpassed the $100,000 mark, attracting more institutional interest and support from U.S. President-elect Donald Trump.

The majority of the thefts were attributed to compromised private keys, primarily targeting centralized platforms. Notable incidents included a $305 million theft from Japan's DMM Bitcoin and a $235 million loss from India's WazirX. Additionally, hacks linked to North Korea more than doubled from the previous year, reaching a record $1.3 billion.

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