A new report from Chainalysis highlights a troubling increase in cryptocurrency-related hacks and ransomware attacks in 2024, despite an overall decline in illicit transactions. The rising value of stolen funds and record-setting ransomware payments underscore the growing threat to the crypto industry.
Points
- Chainalysis reports a 19.6% decline in overall illicit crypto activity but a significant rise in hacks and ransomware.
- Cryptocurrency hacking activity has surged, with the value of stolen funds already up 84% compared to the same period in 2023.
- Centralized exchanges （CEX） have become prime targets for hackers in 2024.
- Ransomware attacks are also escalating, with the largest-ever recorded payment of $75 million in July 2024.
- The increasing value of Bitcoin and other cryptocurrencies is making these assets more attractive to cybercriminals.
In 2024, the cryptocurrency industry has seen a concerning shift in the landscape of cybercrime, according to a new report by Chainalysis. While overall illicit transactions in the crypto market have declined by 19.6%, falling from $20.9 billion to $16.7 billion year-to-date （YTD）, certain types of criminal activity, particularly hacking and ransomware, have surged alarmingly.
Cryptocurrency hacking activity, which experienced a 50% drop in 2023, has made a dramatic comeback in 2024. The cumulative value of crypto stolen through the end of July has already surpassed $1.58 billion, an 84% increase compared to the same period in 2023. This sharp rise is largely attributed to the increasing value of cryptocurrencies, especially Bitcoin, which has seen its price surge by 130% from an average of $26,141 in early 2023 to $60,091 in 2024.
Centralized exchanges （CEX） have become the primary targets for hackers this year. After several years of focusing on decentralized finance （DeFi） platforms, cybercriminals have shifted their attention back to CEXs, which often act as custodians for large amounts of user funds. Notably, the Japanese DMM exchange was hacked for $305 million in Bitcoin in May 2024, representing approximately 19% of the total value stolen in cryptocurrency hacks this year.
Ransomware attacks have also intensified, setting new records in 2024. In July, Chainalysis identified the largest single ransomware payment ever recorded—a staggering $75 million paid by the Dark Angels group. This payment reflects a 96% year-over-year increase in the maximum payment size from 2023 and a 335% increase from 2022. The vast majority of these payments are made via cryptocurrency, particularly Bitcoin, which remains the preferred payment method for ransomware attackers.
The rise in these specific types of illicit activities highlights the growing sophistication of cybercriminals and the increasing risks faced by the cryptocurrency industry. While the overall decline in illicit transactions is a positive development, the surge in hacks and ransomware attacks underscores the need for enhanced security measures across the crypto ecosystem.
Chainalysis’ report also emphasizes the importance of regulatory compliance and the need for robust cybersecurity protocols to protect against these evolving threats. As the value of cryptocurrencies continues to rise, they become more attractive targets for cybercriminals, making it imperative for exchanges, custodians, and users to remain vigilant and proactive in safeguarding their assets.
解説
- The Growing Threat of Crypto Hacks: The resurgence of cryptocurrency hacking in 2024 is a significant concern for the industry. As the value of digital assets increases, so does the incentive for cybercriminals to target them. Centralized exchanges, which hold large amounts of user funds, are particularly vulnerable. This trend underscores the need for enhanced security measures and greater vigilance among exchange operators.
- Ransomware on the Rise: The record-setting ransomware payments in 2024 highlight the escalating threat of this form of cybercrime. With the majority of ransomware payments being made in cryptocurrency, particularly Bitcoin, it is clear that the crypto industry must prioritize the development of more robust defenses against ransomware attacks. This includes both technical solutions and regulatory measures to deter such activity.
- Implications for the Crypto Industry: The increase in crypto-related hacks and ransomware attacks poses a significant challenge to the industry’s growth and adoption. If these trends continue, they could undermine public trust in cryptocurrencies and hinder broader adoption. It is essential for all stakeholders in the crypto ecosystem to work together to address these threats and ensure the security and integrity of digital assets.