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Crypto hacking continues to pose a significant challenge, with the total amount of stolen assets reaching $2.2 billion in 2024, marking a 21.07% increase compared to the previous year, according to blockchain analytics firm Chainalysis.
The frequency of hacking incidents also rose, increasing from 282 in 2023 to 303 in 2024.
Chainalysis points out that the year began with alarming intensity—$1.58 billion was taken by July, an 84.4% rise relative to the same timeframe in 2023—though the upward trend slowed in the latter half of the year, indicating a change in dynamics.
The first preview chapter for our 2025 Crypto Crime Report focuses on stolen funds. We examine crypto hacking trends in 2024, the DPRK’s activities, and more: https://t.co/1cu8druW84
— Chainalysis (@chainalysis) December 19, 2024
Shift in Hacking Targets
Traditionally, decentralized finance (DeFi) platforms have been the main targets due to their rapid development cycles and emphasis on market expansion over security. While DeFi still represented the largest portion of stolen assets in Q1 2024, centralized services became the primary targets in Q2 and Q3, according to Chainalysis.
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Significant hacks of centralized platforms included DMM Bitcoin ($305 million in May) and WazirX ($234.9 million in July). This transition underscores the urgent need for enhanced security measures, particularly concerning private keys, which emerged as the most exploited vulnerability in 2024. Compromises of private keys accounted for 43.8% of stolen cryptocurrency.
Laundering Techniques Evolve
Chainalysis notes that after gaining access to private keys, hackers frequently launder stolen assets through various methods to conceal transaction trails. In 2024, hackers who compromised private keys primarily utilized bridges and mixing services to obscure their activities. Those employing alternative attack methods leaned more towards decentralized exchanges (DEXs).
The continuous evolution of laundering techniques complicates the tracing and recovery of stolen funds, further hindering enforcement efforts, according to the analytics firm.
Chainalysis Acquires Security Firm Hexagate
On Wednesday, Chainalysis announced its acquisition of Hexagate, a Web3 security firm that specializes in identifying and mitigating real-time threats on blockchain networks.
Hexagate asserts that it has protected over $1 billion in customer assets by enabling organizations to respond quickly to potential threats. Clients such as Coinbase and Consensys depend on Hexagate to secure their on-chain operations.
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