By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: Despite a decrease in overall illicit activity, crypto hacks are on the rise: Chainalysis
Share
Notification Show More
Recent Saved
Workers in Bucharest face challenges as temperatures rise
World
Dress code guidelines for the Qatari government sector during office hours
Qatar
Court rules in favor of worker after company dismisses him for salary deductions over 6 years, awarding BD 27,000.
Bahrain
UAE to See Almost 30,000 New Millionaires in 5 Years
UAE
Proposed New Labor Law in Bahrain Targets Increasing Job Opportunities
Bahrain
Latest News
Jordan to Host Iraq in the Final Round of the Asian World Cup Qualifiers After Securing Historic Spot
Sports
The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World
Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide
Crypto
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Crypto > Despite a decrease in overall illicit activity, crypto hacks are on the rise: Chainalysis
Crypto

Despite a decrease in overall illicit activity, crypto hacks are on the rise: Chainalysis

News Room
Last updated: 2024/08/16 at 1:16 AM
News Room
Share
4 Min Read
SHARE

The Chainalysis report released on August 15, 2024, revealed a decrease in overall illicit cryptocurrency transactions, although certain criminal activities within the sector have surged. The report found that hacking and ransomware attacks were on the rise. Specifically, illicit crypto transactions saw a 19.6% drop from $20.9 billion in 2023 to $16.7 billion by July 2024. The adoption of spot Bitcoin and Ether exchange-traded funds (ETFs) in the United States has fueled legitimate on-chain activities, overshadowing illicit operations. However, there has been a concerning increase in stolen funds through hacking and ransomware attacks.

The report highlighted a significant increase in the value of stolen assets, with the cumulative value of stolen cryptocurrencies reaching $1.58 billion by the end of July 2024 – an 84% increase compared to the same period in 2023. Despite only a slight increase in the number of hacking incidents year-over-year, the average value stolen per hack surged dramatically. The average amount lost per incident rose by 79.5%, from $5.9 million in 2023 to $10.6 million in 2024, attributed in part to the rising prices of cryptocurrencies like Bitcoin.

Another concerning trend identified in the report was hackers shifting their focus from decentralized exchanges (DEXs) to centralized exchanges (CEXs) in 2024. A notable incident was the $305 million Bitcoin theft from the Japanese DMM exchange in May 2024, accounting for approximately 19% of the total value stolen in crypto hacks this year. Ransomware attacks also intensified in 2024, with a record-breaking $75 million crypto payment to the Dark Angels ransomware group in July, representing the largest single ransomware payment ever recorded.

In July alone, hackers stole approximately $266 million through 16 separate breaches, resulting in substantial losses for the crypto sector. The attack on Indian crypto exchange WazirX accounted for over $230 million, or 86.4%, of the month’s total losses. Other significant victims of July’s crypto hacks included Compound Finance, Li.Fi, Bittensor, and Rho Markets. June, on the other hand, saw lower losses of $176 million spread across approximately 20 incidents, highlighting the sharp increase in the value of stolen assets in just one month.

As the crypto sector continues to evolve, it is crucial for stakeholders to remain vigilant against criminal activities such as hacking and ransomware attacks. The Chainalysis report serves as a reminder of the ongoing challenges faced by the industry and the need for enhanced security measures to protect against such threats. With the rise of legitimate on-chain activities driven by the adoption of ETFs, it is essential for regulators, exchanges, and users to work together to combat illicit activities and safeguard the integrity of the crypto ecosystem. By staying informed and proactive in addressing these challenges, the industry can better protect investors and uphold trust in the digital asset space.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room August 16, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Barzan Youth Centre wraps up summer programs
Next Article RBA’s Bullock: Inflation is still too high
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

Jordan to Host Iraq in the Final Round of the Asian World Cup Qualifiers After Securing Historic Spot
Sports June 10, 2025
The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE May 27, 2025
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle May 23, 2025
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World May 22, 2025

You Might also Like

Crypto

Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide

May 22, 2025
BusinessCrypto

Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025

May 20, 2025
BusinessCrypto

RWA project FEXSE tokenises $600,000 Jacob & Co. luxury watch on the blockchain

April 14, 2025
BusinessCrypto

Forbes Lists Bitget Amongst The World’s Most Trustworthy Crypto Exchanges

February 1, 2025
BusinessCrypto

Bitget Leverages AI Algorithms for Token Listing with the Launch of Bitget Seed

January 27, 2025
BusinessCrypto

Bitget to List Official TRUMP Meme Token for Spot Trading

January 23, 2025
BusinessCrypto

Bitget LaunchX to Support Jambo’s $5 Million Fundraising for Satellite Launch Program

January 18, 2025
BusinessCrypto

Bitget Unveils Over $5 Billion Worth of BGB Token Burn in New Whitepaper

December 28, 2024
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?