Ethereum

2024

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/crypto-crimes-surge-in-2024" data-wpel-link="internal" rel="noopener noreferrer nofollow">Crypto Crimes Surge in 2024</a><br></p>
<p style="text-align: justify">A fresh report reveals that although overall illicit transactions in the cryptocurrency market declined in 2024, specific crimes tied to crypto have surged. According to Chainalysis’ mid-year crypto crime update, published on August 15, total illegal activity in crypto fell by 19.6% year-to-date (YTD), dropping from $20.9 billion to $16.7 billion by July 2024.</p>
<h2 id="key-findings-of-the-report">Key Findings of the Report</h2>
<p style="text-align: justify">Chainalysis observed that while legitimate crypto activity saw notable growth due to the adoption of <a href="https://en.bitcoinhaber.net/experts-predict-volatile-future-for-bitcoin-prices" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> and Ethereum exchange-traded funds in the US, illegal activities such as stolen funds and ransomware have increased. Crypto hacking, which had decreased by 50% in 2023, experienced a significant rebound in 2024. By the end of July, the value of stolen cryptocurrencies surpassed $1.58 billion, an 84% increase compared to the same period in 2023.</p>
<p style="text-align: justify">Additionally, hacking incidents in 2024 slightly outpaced those in 2023, rising by 2.8%. The average value compromised per <a href="https://newslinker.co/what-is-cybersecurity/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">hack</a> also saw a sharp increase of 79.5%, from $5.9 million in 2023 to $10.6 million in 2024. This increment is partly attributed to the rising prices in crypto markets, with Bitcoin’s average price jumping by about 130%, from $26,141 early in 2023 to $60,091 by July 2024.</p>
<h2 id="why-target-centralized-exchanges">Why Target Centralized Exchanges?</h2>
<p style="text-align: justify">Chainalysis also identified a shift in criminal focus back to centralized exchanges (CEXs) after four years of targeting decentralized exchanges. High-value hacks on CEXs were prominent in 2024, including a significant incident where Japan’s DMM exchange lost $305 million in Bitcoin due to a private key breach in May. This hack alone constituted around 19% of the total value stolen in crypto hacks for the year.</p>
<p style="text-align: justify">Eric Jardine, head of cybercrime research at Chainalysis, suggested that the resurgence in CEX hacks might be due to increased transaction volumes on these platforms compared to decentralized finance (DeFi) services. He noted the difficulty in determining whether the trend is opportunistic or driven by the potentially greater attractiveness of assets held by centralized services.</p>
<h2 id="concrete-insights-for-users">Concrete Insights for Users</h2>
<p style="text-align: justify"><strong>Practical Takeaways</strong></p>
<ul>
 <li>Users should exercise increased vigilance and security measures, especially with assets held on centralized exchanges.</li>
 <li>Monitoring price trends and staying informed about <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market conditions</a> can help mitigate risks associated with crypto investments.</li>
 <li>Adopting advanced cybersecurity practices is essential to protect against the rising threat of ransomware and hacking incidents.</li>
</ul>
<p style="text-align: justify">In conclusion, while the overall illegal activity in the crypto market has decreased, the surge in specific crimes highlights the need for robust security measures and continuous vigilance in the ever-evolving landscape of cryptocurrency.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/crypto-crimes-surge-in-2024" data-wpel-link="internal" rel="noopener noreferrer nofollow">Crypto Crimes Surge in 2024</a></h5>

Crypto Crimes Surge in 2024

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