Crypto Crime Shifts as Stolen Funds Skyrocket, Hackers Target Centralized Exchanges

The cryptocurrency world has witnessed a shift in illicit activities, according to the latest mid-year report from blockchain analytics firm Chainalysis.

The world of cryptocurrency has seen a shift in illicit activities, according to the latest mid-year report from blockchain analytics firm Chainalysis. While overall crypto crime has decreased, certain sectors have seen alarming growth.

Stolen funds have become a primary concern, with the value of crypto heists skyrocketing by 84.4% compared to the same period last year. Interestingly, the number of hacking incidents has only marginally increased.

The report shows the average amount stolen per incident has surged by an astounding 79.46%, rising from $5.9 million to $10.6 million.

Hackers Divert Their Focus to Centralized Crypto Exchanges

This trend appears to be driven by a shift in target selection. After years of focusing on decentralized finance (DeFi) protocols, hackers are returning to targeting centralized exchanges.

The DMM hack, which resulted in a $305 million loss, is a prime example. This hack accounted for roughly 19% of all stolen funds in 2024.

Ransomware is another persistent threat, with $459.8 million in payments recorded through June.

The report also sheds light on the changing tactics of cybercriminals. Advanced threat actors, including those linked to North Korea, are increasingly leveraging sophisticated social engineering techniques. Some are even applying for IT jobs within their target organizations.

Despite these concerning trends, there are glimmers of hope. The frequency of ransomware payments has decreased by 27.29% year-over-year, even as the number of attacks has risen by 10%.

Also Read: Q2 2024: $4.7B Institutional Investment in Spot Bitcoin ETF

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