In 2024, hackers stole an astounding $2.2 billion worth of cryptocurrency, marking a 21% increase compared to the previous year. This data, presented in the Chainalysis 2025 Crypto Crime Report, highlights the persistent threat to digital assets as the crypto market surged, with Bitcoin crossing the $100,000 mark for the first time.
The report revealed that just 303 hacking incidents accounted for these losses, emphasizing the high concentration of attacks and the potential for significant financial damage. While DeFi platforms were targeted most heavily in early 2024, centralised services bore the brunt of attacks in Q2 and Q3, including significant breaches at DMM Bitcoin ($305 million in May) and WazirX ($234.9 million in July).
Private key compromises were identified as the primary method of theft, responsible for 44% of the stolen funds. Eric Jardine, Cybercrimes Research Lead at Chainalysis, emphasized the critical need for centralized services to secure private keys, given their role in controlling user assets.
In the UAE, centralized services account for 47% of crypto transactions by volume, while decentralized platforms comprise 32%, reflecting a balanced yet vulnerable ecosystem.
