Over $1.5 billion stolen in 2024 as attackers employ advanced tactics, including social engineering and insider threats, targeting centralized platforms.
In recent times, there has been a noticeable shift in the focus of crypto criminals. According to a report by Chainalysis, centralized exchanges are now the primary targets, with over $1.5 billion stolen in the first half of the year. This marks a significant change from the previous trend where decentralized platforms were the main targets.
Centralized exchanges are being targeted more frequently due to the growing sophistication of attackers. These criminals are employing advanced social engineering tactics, such as manipulating individuals into divulging confidential information. Additionally, some attackers are even applying for IT jobs at the companies they intend to target, giving them inside access to sensitive systems.
The value of stolen crypto has seen an 84% increase, with the total amount stolen reaching $1.58 billion by late July 2024. This surge in stolen assets is alarming, especially when compared to the previous year. The report highlights that despite a decrease in overall illicit transactions, the amount of stolen crypto has nearly doubled.
Ransomware payments have also seen a significant increase, with 2024 on track to be the worst year on record. The total amount paid in ransomware attacks reached $459.8 million. The largest ransom payment in 2024 was approximately $75 million, showcasing the severity of these attacks.
Hackers, including those from North Korea, are using increasingly advanced tactics. These tactics include sophisticated social engineering and insider threats, making it more challenging for companies to defend against these attacks. The shift back to targeting centralized exchanges after years of focusing on decentralized platforms indicates a strategic change in the approach of these criminals.
Despite the increase in stolen assets, there is a positive trend noted in the report. The growth of legitimate transactions is outpacing illicit activity, indicating a move towards mainstream cryptocurrency adoption. This suggests that while challenges remain, the overall ecosystem is becoming more robust and secure.
