Illegal cryptocurrency transactions have experienced a significant drop this year, although certain types of crimes are on the rise. According to Chainalysis’s latest 2024 crypto crime report, illegal activities in the first half of the year decreased by 19.6%. Despite this decline, specific categories such as stolen funds and ransomware attacks have seen substantial increases.
Why are Ransomware Attacks Increasing?
Chainalysis’s data indicates that the total value of illegal activities has decreased from $20.9 billion to $16.7 billion. This reduction suggests that illegal activities within the cryptocurrency sector are declining, while legitimate transactions have peaked since the 2021 bull market. The 2021 peak saw Bitcoin exceed $68,000, highlighting the ongoing global adoption of cryptocurrency.
Despite the overall decline, stolen funds and ransomware attacks have surged. The analysis reveals stolen funds increased from $857 million to $1.58 billion. Ransomware revenues also climbed by 2%, reaching $459.8 million. The report points out a significant rise in the average value of cryptocurrency stolen per incident, emphasizing a nearly 80% increase since January.
Which Hackers Are Targeting Cryptocurrency?
The report highlights that ransomware revenues have reached their highest levels this year, potentially making 2024 a record year for such payments. Although high-profile attacks have decreased, large-scale attacks have become more lucrative. This approach aims to maximize the impact and profits from ransomware activities.
North Korean hacker groups continue to pose a significant threat to the cryptocurrency sector. These groups use advanced social engineering techniques to infiltrate companies and steal funds. The report references a recent United Nations report, which reveals that thousands of North Korean IT specialists employ sophisticated fraud methods to secure jobs in Western technology firms.
Key Takeaways
- Total illegal cryptocurrency activities decreased by 19.6% in the first half of the year.
- Stolen funds surged from $857 million to $1.58 billion.
- Ransomware revenues increased by 2%, reaching $459.8 million.
- North Korean hackers are using sophisticated methods to target the cryptocurrency sector.
Chainalysis’s report underscores that despite a general decrease in illegal activities, specific crime categories still pose significant security risks to the cryptocurrency sector. The increase in stolen funds and ransomware attacks remains a substantial threat to the integrity of the industry.