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What's behind record-breaking cryptocurrency thefts in 2024

In 2024, hackers once again demonstrated their ability to attack cryptoplature and steal billions of dollars. In total, cryptocurrencies worth $ 2.2 billion were stolen, which is $ 400 million more than in the previous year. This is the fifth consecutive year, when the amount of stolen assets exceeds $ 1 billion. In particular, such records were recorded in 2018, 2021, 2022 and 2023.

An interesting change this year was that the storage rooms have shifted. If in the past years the main goals were the Defi platforms (decentralized finances), then in 2024 the attackers began to actively attack centralized platforms. During the second and third quarters, platforms such as DMM Bitcoin and Wazirx were most affected, which stolen $ 305 million and $ 234.9 million respectively.

Analyzing the situation, Chainalysis draws attention to the importance of strengthening the safety of private key, since 43.8% of all breakdowns were related to the compromising of these keys. The hackers were accessed by platforms due to the weaknesses in protecting this data. Considering this situation, experts emphasize the need for centralized platforms to strengthen security measures to prevent further theft.

North Korea played a special role in this process, which stole $ 1.34 billion in 2024, which is 61% of the total amount of stolen funds. This country has become a real leader in the number of thefts, making 47 incidents that make up 20% of all cases. According to Chainalysis, North Korea is one of the most sophisticated cryptocurrencies, using illegally obtained funds for the development of nuclear weapons and missile technologies.

Due to the latest rises in bitcoin prices, hackers continue to attack cryptoplature. This requires millions of users from platforms, strengthening protection and implementation of additional security measures, so as not to be the next target for criminals.

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