Hackers managed to steal $2.2 billion worth of crypto through 2024 amidst the bull run in the flagship digital currency, a latest report said.
The stolen amount represents a 21 per cent year-on-year increase, and marks a fourth consecutive year in which criminals stole over $1 billion in crypto, according to Chainalysis’ 2025 Crypto Crime Report.
The report also showed that it was just 303 individual hacking incidents that resulted in these losses, highlighting the relatively high concentration of attacks, and the potential for significant losses through even single incidents.
Although DeFi still accounted for the largest share of stolen assets in the first quarter of 2024, centralised services were the most targeted in Q2 and Q3.
Some of the most notable centralised service hacks include DMM Bitcoin (May 2024; $305 million) and WazirX (July 2024; $234.9 million), the report said.
Private key compromises accounted for the largest share of stolen crypto in 2024, at 44 per cent, it said.
“This shift in focus from DeFi to centralised services highlights the increasing importance of securing mechanisms commonly exploited in hacks, such as private keys,” said Eric Jardine, Cybercrimes Research Lead at Chainalysis.
“For centralised services, ensuring the security of private keys is critical, as they control access to users’ assets. Given that centralised exchanges manage substantial amounts of user funds, the impact of a private key compromise can be devastating,” he said.
In the UAE, both centralised and decentralised services are popular, with the former accounting for 47 per cent of the country’s crypto transaction share by volume between July 2023 and June 2024, and the latter accounting for 32 per cent over the same period. Bitcoin, the world’s most valuable cryptocurrency, has been making headlines since the election of Donal Trump, with its price surpassing $100,000 for the first time ever.
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