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The value of digital assets stolen through hacks and other cybercrime has skyrocketed 84.4% in 2024, with over $1.58 billion worth of cryptocurrency being stolen through July, according to a new report.
What Happened: According to Chainalysis, while overall illicit activity in the cryptocurrency ecosystem has decreased by 19.6% year-to-date, specific types of cybercrime, particularly stolen funds and ransomware attacks, have seen significant increases.
“Crypto thieves seem to be returning to their roots and targeting centralized exchanges again after four years focused on their decentralized counterparts,” the report states, noting that Bitcoin (CRYPTO: BTC) now represents 40% of the total crypto assets stolen in exchange heists, up from 30% last year.
The surge in stolen funds is not only due to more frequent attacks but also larger heists.
The average amount stolen per incident has increased by 79.46%, rising from $5.9 million per event in the first seven months of 2023 to $10.6 million per event in 2024.
Ransomware attacks have also reached new heights, with 2024 on track to be the highest-grossing year yet.
Through June 2024, ransomware payments totaled $459.8 million, slightly surpassing the $449.1 million recorded during the same period last year.
The report highlights a staggering increase in the maximum ransom payment, with a single payment of approximately $75 million made to a group known as Dark Angels.
Andrew Davis, general counsel at Kiva Consulting said, “Whether it be former affiliates of these well-known threat actor operations, or new upstarts, a large number of new ransomware groups have joined the fray, displaying new methods and techniques to carry out their attacks.”
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Why It Matters: Despite the increase in attack frequency and severity, there is a silver lining.
The report suggests that victims are paying ransoms less often, potentially indicating better preparedness and resilience among targeted organizations.
The Chainalysis report emphasizes the importance of blockchain analysis in combating these cyber threats.
“Because the operations for crypto heists and ransomware operate almost entirely on the blockchain, law enforcement armed with the right solutions can follow the money to better understand and disrupt these actors’ operations,” the report states.
Underscoring the importance of law enforcement actions, Corsin Camichel, a researcher with eCrime.ch said, “I believe takedowns and law enforcement actions like Operation Cronos, Operation Duck Hunt, and Operation Endgame are essential in curbing these activities and signaling that criminal actions will have consequences.”
As the cryptocurrency industry continues to grapple with these challenges, the upcoming Benzinga Future of Digital Assets event on Nov. 19 is poised to be a crucial platform for discussing cybersecurity strategies and the evolving landscape of digital asset protection.
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Image: Shutterstock
Posted In: $BTC
