The crypto market’s soaring prices during the 2024 bull run have not only added hundreds of billions of dollars to its value but have also triggered a significant rise in crypto-related crimes.
With the increase in prices and trading volumes, opportunities for theft have skyrocketed.
This year alone, over $1.71 billion worth of cryptocurrencies have been stolen, nearly matching the thefts of 2023, bringing total crypto crime losses to an alarming $12.7 billion across more than 1,000 heists.
Despite advancements in blockchain tracking and tougher regulations, crypto crime remains a billion-dollar industry. Data from Comparitech shows that in five of the past ten years, including 2024, hackers have stolen over $1 billion annually. This highlights the ongoing challenges faced by law enforcement and regulators in curbing such crimes. The anonymity and high value of cryptocurrencies continue to make them an attractive target for criminals, driving the total value of stolen crypto transactions to unprecedented levels.
Over the past decade, the number of crypto heists has surged 15-fold, rising from just 12 hacks in 2014 to 176 in 2024. While the number of heists dropped from a record 283 in 2023, the total number of heists since 2014 is staggering, with 1,008 incidents resulting in losses of over $12.7 billion.
Notably, more than 75% of these losses occurred in the last four years, with 2022 and 2023 seeing the highest theft figures. In 2022, criminals stole more than $2.7 billion, and in 2023, that figure increased to over $3.5 billion. If hackers had held onto their stolen crypto until today, it would be worth an estimated $50.7 billion.
A significant portion of crypto crime can be attributed to exploits, hacks, and flash loan attacks, which collectively account for over 65% of all crypto heists. To date, there have been 395 exploits, 271 hacks targeting systems or networks, and 220 flash loan attacks that manipulate smart contracts or crypto prices.
Geographically, crypto platforms in the UK and Switzerland have been the hardest hit, with 22 and 18 reported cases, respectively. Japan, South Korea, and China follow closely, with 16, 15, and 14 cases reported. As crypto criminals continue to capitalize on the market’s volatility, the need for more robust security measures and regulatory frameworks has never been clearer.
