A new report from Chainalysis has shown that $2.2 billion worth of crypto was stolen in 2024, with most hacks linked to North Korean hackers.
Earlier this year, the United Nations Security Council said that North Korean hackers had stolen $3 billion in crypto between 2017 and 2023.In 2024, these hackers were linked to 61% of the stolen crypto, worth $1.34 billion.
The report highlighted that most breaches occurred between January and July 2024, with stolen crypto exceeding $1.58 billion (about 84.4% higher than the same period in 2023).
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After July, however, hacking incidents decreased, which may be linked to geopolitical conditions. Chainalysis believes this may be due to North Korea’s alliance with Russia, which emerged after a meeting between Vladimir Putin and Kim Jong Un in June.
The amount of crypto assets stolen by North Korean hackers has decreased by 53.73% since the June summit , according to Chainalysis. North Korea, which has increased its cooperation with Russia, may have changed its cybercrime tactics .
Need for stronger security
Crypto theft is an increasingly significant threat. Decentralized finance (DeFi) platforms that do not implement proper security practices have been the primary targets of breaches over the past three years. However, between Q2 and Q3 2024, centralized services were the main target of attacks.
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What are the recommendations for avoiding crypto scams/theft?
First, it's important to do your research before investing anywhere or connecting your wallet to any service.
Second, beware of exaggerated profit promises. If someone promises consistent and high profits without any risk, then you are probably dealing with a scam.
Third, use trusted and verified cryptocurrency exchange platforms. Trusted platforms usually have strict security measures and it is harder to fall victim to fraud.
See also: Nigeria: 792 suspects arrested for romance and crypto scams
Fourth, protect your personal data. Never share your private keys or other sensitive information with others.
Finally, it is important not to invest more money than you are willing to lose. Investing in cryptocurrencies is risky and you should always be prepared for the possibility of loss.
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Crypto platforms, in turn, should implement strict security protocols to protect their customers' assets.
Source: techcrunch.com
