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Crypto crime in 2024 – Changing trends, new targets, and Bitcoin’s share
The post Crypto crime in 2024 – Changing trends, new targets, and Bitcoin’s share appeared on BitcoinEthereumNews.com. Crypto thefts and ransomware surged in 2024, with record-breaking payments and stolen funds Bitcoin’s share in stolen funds rose while centralized exchanges became prime hacking targets too Cryptocurrencies have steadily gained mainstream traction in 2024, with the same marked by numerous positive developments on several fronts. However, it hasn’t exactly been smooth sailing for this asset class. Troubling crypto trends While overall illicit activity has fallen to year-to-date levels, compared to previous years, certain troubling trends have emerged too. Throwing further light on the same, a recent survey conducted by Chainalysis revealed, “Aggregate illicit activity fell YTD by 19.6%, dropping from $20.9B to $16.7B, demonstrating that legitimate activity is growing faster than illicit activity on-chain.” Notably, according to Eric Jardine, Cybercrimes Research Lead at Chainalysis, inflows into legitimate crypto services have reached their highest level since the 2021 bull market peak. She added, “The growth of legitimate activity outpacing that of illicit activity on-chain demonstrates the continued transition of cryptocurrencies to the mainstream.” Side effects of rising crypto adoption Despite such progress, however, greater inflows into cybercrime-related entities suggested that while crypto’s mainstream adoption grows, so does its exploitation by malicious actors. Source: Chainalysis As per the report, crypto thefts have nearly doubled year-over-year, escalating from $857 million to $1.58 billion. Additionally, ransomware inflows have seen a slight hike too, indicating the possibility of a record-setting year for these types of crimes. “2024 has seen the largest ransomware payment ever recorded at approximately $75 million to the Dark Angels ransomware group.” Source: Chainalysis The analysis also revealed a sharp resurgence in hacking activity in 2024, with stolen crypto funds hitting $1.58 billion — An 84.4% increase from last year. Additionally, although the number of incidents rose only slightly, the average stolen per event surged by 79.46%, from $5.9 million in 2023…
The post Crypto crime in 2024 – Changing trends, new targets, and Bitcoin’s share appeared on BitcoinEthereumNews.com.
Crypto thefts and ransomware surged in 2024, with record-breaking payments and stolen funds Bitcoin’s share in stolen funds rose while centralized exchanges became prime hacking targets too Cryptocurrencies have steadily gained mainstream traction in 2024, with the same marked by numerous positive developments on several fronts. However, it hasn’t exactly been smooth sailing for this asset class. Troubling crypto trends While overall illicit activity has fallen to year-to-date levels, compared to previous years, certain troubling trends have emerged too. Throwing further light on the same, a recent survey conducted by Chainalysis revealed, “Aggregate illicit activity fell YTD by 19.6%, dropping from $20.9B to $16.7B, demonstrating that legitimate activity is growing faster than illicit activity on-chain.” Notably, according to Eric Jardine, Cybercrimes Research Lead at Chainalysis, inflows into legitimate crypto services have reached their highest level since the 2021 bull market peak. She added, “The growth of legitimate activity outpacing that of illicit activity on-chain demonstrates the continued transition of cryptocurrencies to the mainstream.” Side effects of rising crypto adoption Despite such progress, however, greater inflows into cybercrime-related entities suggested that while crypto’s mainstream adoption grows, so does its exploitation by malicious actors. Source: Chainalysis As per the report, crypto thefts have nearly doubled year-over-year, escalating from $857 million to $1.58 billion. Additionally, ransomware inflows have seen a slight hike too, indicating the possibility of a record-setting year for these types of crimes. “2024 has seen the largest ransomware payment ever recorded at approximately $75 million to the Dark Angels ransomware group.” Source: Chainalysis The analysis also revealed a sharp resurgence in hacking activity in 2024, with stolen crypto funds hitting $1.58 billion — An 84.4% increase from last year. Additionally, although the number of incidents rose only slightly, the average stolen per event surged by 79.46%, from $5.9 million in 2023…
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