$2.2 Billion Stolen in 2024, Centralized Exchanges Hit Hard

In the cryptocurrency world, this week saw an increase in cybercriminal activity, which is more common and extensive than before. Ranging from multi-million dollar breaches to sanctions on money laundering operations, the magnitude of losses point to the need for better security mechanisms.

Crypto Heists of 2024: Big Data Breaches Continue

Crypto fraud remains a significant and real problem as the industry experiences billion-dollar hacks. According to Chainanalysis, $2.2 billion was stolen in 2024, clearly a 21% increase from that of 2023. Centralized exchanges suffered the most losses, previously replacing those of the DeFi domain.

Once again, North Korean actors were found to have stolen $1.34 billion, more than double the 2023 total.

Wazirx Under Siege: Delisting and Legal Battle

Troubled Indian cryptocurrency trading platform WazirX now finds itself in the crosshairs. The case stemmed from a $235 million hack this year, and the Delhi High Court has ordered a fresh probe.

To make the situation worse, Binance delisted the WRX token, with the value of the token dropping by as much as 51%. With confidence deteriorating, WazirX is staring at emergency measures, including a possible shift to the DEX model.

Flashloan operates targets on Slurpycoin

The latest blockchain to be hit by the exploitable flash lending vulnerability was a Binance Smart Chain coin, Slurpycoin, which lost $3,000. The attacker using the buyback mechanism has employed arbitrage strategies to expose issues with DeFi tokenomics.

North Korean Crypto Money Laundering Operation Revealed

The US Treasury Department recently listed two individuals and a UAE-based company, Green Alpine Trading, LLC, as involved in laundering virtual currencies used to finance North Korea’s weapons programs . This operation transferred millions to fund the regime’s missile buildup and brought to the fore the role of crypto crime’s impact on the world.

Fallout from the Lastpass Breach: Millions lost again

As a result of the LastPass backup data breach, the hackers used the stolen vault data and hacked more than forty wallets, raking in $5.36 million. This piles on another $200 million-plus in losses from the breach, which puts into perspective the dangers of keeping data on the Internet.

Other notable attacks

zkPass Protocol: Due to the Compromised X account attackers exposed users to these phishing attacks.

BTC24H (Polygon): Contract-related vulnerabilities reduced $85,700 from the contract.

The rise of cyber attacks and their increasing sophistication leave no room for complacency in the crypto market. Criminals are adapting and improving, while security is a key factor, as is cooperation between countries and the enlightenment and awareness of users.