Analysts Warn of Security Breach! The Amount of Money Stolen by Hackers Could Reach $3 Billion!

Hackers are on track to steal over $3 billion worth of cryptocurrencies by the end of 2024, according to a new report from Chainalysis.

Chainalysis Warns of $3 Billion Crypto Heists in 2024 as Thefts Rise

Eric Jardine, lead cybercrime researcher at crypto analytics firm, shared this alarming forecast today, highlighting a dramatic increase in thefts this year.

Hackers have stolen approximately $1.6 billion worth of crypto assets as of mid-2024, a significant jump from the $857 million stolen during the same period in 2023.

“If current trends continue, we could see the total amount stolen this year reach $2 billion to $3 billion,” Jardine said. He cautioned that this estimate could fluctuate due to changes in cryptocurrency prices, major hacks and other unforeseen events.

In 2023, hackers stole around $1.7 billion in cryptocurrencies. Interestingly, despite the increase in thefts, overall illegal activity in the crypto sector decreased by around 20% this year.

This decline not only includes stolen funds but also illicit activities such as terrorist financing conducted through crypto transactions.

The report from Chainalysis comes on the heels of one of the biggest hacks of 2024. In July, Indian crypto exchange WazirX suffered a massive security breach, with hackers stealing $235 million, nearly half of the exchange’s total assets.

WazirX continues to grapple with the fallout from the heist, including removing funds previously held at a crypto custodian blamed for the breach.

Chainalysis noted that the increasing dollar value of stolen crypto assets partially reflects the general rise in cryptocurrency prices.

According to CoinGecko, by August 2024, the total market value of all cryptocurrencies has almost doubled to approximately $2.17 trillion.

*This is not investment advice.