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, according to figures from Chainanalysis.
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.
Chainanalysis notes that the intensity of crypto hacking shifted about halfway through the year. In its mid-year crime update, Chainanalysis 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.
Through the end of July, the ecosystem was easily on track for a year that could rival the $3 billion+ years of 2021 and 2022. However, 2024’s upward trend slowed considerably after July, after which it remained relatively steady.
In terms of amount stolen by victim platform type, 2024 also saw interesting patterns. In most quarters between 2021 and 2023, decentralized finance (DeFi) platforms were the primary targets of crypto hacks. It’s possible that DeFi platforms were more vulnerable because their developers tend to prioritize rapid growth and bringing their products to market over implementing security measures, making them prime targets for hackers.
In past years decentralized finance (DeFi) platforms were the primary targets of crypto hacks. This was partly because DeFi platforms were more vulnerable because their developers tend to prioritize rapid growth and bringing their products to market over implementing security measures, making them prime targets for hackers.
Although DeFi still accounted for the largest share of stolen assets in the first quarter of 2024, centralized services were the most targeted in Q2 and Q3.
Although DeFi still accounted for the largest share of stolen assets in the first quarter of 2024, centralized services were the most targeted in Q2 and Q3. Some of the most notable centralized service hacks include DMM Bitcoin (May 2024; $305 million) and WazirX (July 2024; $234.9 million).
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