This value is almost equal to the theft statistics for 2023, Chainalysis report states.
Bitcoin price surge fueled an 80% jump in average crypto heist value.
Cryptocurrency-related
crime is evolving in 2024, with hackers increasingly targeting centralized
exchanges and ransomware attacks reaching new heights, according to a mid-year
report from blockchain analytics firm Chainalysis.
Crypto Crime Trends Shift
as Hackers Target Exchanges
While
overall illicit activity on blockchain networks has dropped by nearly 20%
year-to-date, two categories have bucked the trend: stolen funds and
ransomware. Inflows from stolen funds nearly doubled to $1.58 billion, up from
$857 million in the same period last year. Ransomware inflows rose
approximately 2% to $459.8 million.
Notably, Bitcoin
accounted for 40% of the total transaction volume associated with these heists,
up from 30% last year. This shift appears driven by attackers targeting
centralized services that typically trade BTC, such
as the $305 million hack of exchange DMM.
This exchange's example, based on data from the Cyvers report, showed that 3 out of 4
crypto thieves go unpunished, and only 24% of stolen cryptocurrencies are
recovered and returned to the victims.
“The surge
in Bitcoin's value may have made crypto more attractive to hackers, but
contrary to ChainAnalysis’ recent findings, price is just one small factor,” James
Toledano, the Chief Operating Officer at Savl, a self-custodial crypto and Web3
wallet, commented for Finance Magnates.
“Cybercriminals
are becoming more technically sophisticated thanks to AI,” he continued. “This powerful tool
with huge computing power has been unleashed and is available to anyone,
drastically reducing the timeframe for hacking. There is an ‘arms race’ between
attackers and defenders and this will only get worse.”
It's worth
noting that the value of funds stolen this year has almost equaled the total
for all of 2023. According to a report from Chainalysis seven months ago, last
year's crypto hacking losses amounted
to $1.7 billion, dropping by more than half from
the $3.7 billion reported in the record year for fraudsters, 2022.
This is
also significantly more than what was reported for the first six months of this
year by
CertiK, which stated that crypto losses amounted to $1.19 billion.
Ransomware Payments Surge
Ransomware
attacks are on track for a record-breaking year, with 2024 already seeing the
largest single payment ever recorded at approximately $75 million to a group
known as Dark Angels. The median ransom payment to the most severe strains has
spiked from just under $200,000 in early 2023 to $1.5 million in mid-June 2024.
“A
large number of new ransomware groups have joined the fray, displaying new
methods and techniques to carry out their attacks,” Andrew Davis, the General
Counsel at Kiva Consulting, noted.
Despite the
increase in attack frequency and severity, there is a silver lining. While
ransomware incidents have increased by 10% year-over-year, total payment events
have declined by 27.29%, suggesting improved victim preparedness and
resilience.
Data on the
increasing number of ransomware attacks is also confirmed
by ZScaler’s State of Ransomware Report, which stated that in 2023, the
frequency of such activities increased by 73%, and the total payout surpassed
over $1 billion. The attacks were largely focused on the FX sector and
cryptocurrencies.
“Also, it's
vital to note that the percentage of hacks is far lower than with TradFi so we
shouldn't be so quick to demonize DeFi as being rampant with hacks,” added
Toledano. In the United States alone, consumers lost $10 billion to financial
scammers in 2023.
Cryptocurrency-related
crime is evolving in 2024, with hackers increasingly targeting centralized
exchanges and ransomware attacks reaching new heights, according to a mid-year
report from blockchain analytics firm Chainalysis.
Crypto Crime Trends Shift
as Hackers Target Exchanges
While
overall illicit activity on blockchain networks has dropped by nearly 20%
year-to-date, two categories have bucked the trend: stolen funds and
ransomware. Inflows from stolen funds nearly doubled to $1.58 billion, up from
$857 million in the same period last year. Ransomware inflows rose
approximately 2% to $459.8 million.
Notably, Bitcoin
accounted for 40% of the total transaction volume associated with these heists,
up from 30% last year. This shift appears driven by attackers targeting
centralized services that typically trade BTC, such
as the $305 million hack of exchange DMM.
This exchange's example, based on data from the Cyvers report, showed that 3 out of 4
crypto thieves go unpunished, and only 24% of stolen cryptocurrencies are
recovered and returned to the victims.
“The surge
in Bitcoin's value may have made crypto more attractive to hackers, but
contrary to ChainAnalysis’ recent findings, price is just one small factor,” James
Toledano, the Chief Operating Officer at Savl, a self-custodial crypto and Web3
wallet, commented for Finance Magnates.
“Cybercriminals
are becoming more technically sophisticated thanks to AI,” he continued. “This powerful tool
with huge computing power has been unleashed and is available to anyone,
drastically reducing the timeframe for hacking. There is an ‘arms race’ between
attackers and defenders and this will only get worse.”
It's worth
noting that the value of funds stolen this year has almost equaled the total
for all of 2023. According to a report from Chainalysis seven months ago, last
year's crypto hacking losses amounted
to $1.7 billion, dropping by more than half from
the $3.7 billion reported in the record year for fraudsters, 2022.
This is
also significantly more than what was reported for the first six months of this
year by
CertiK, which stated that crypto losses amounted to $1.19 billion.
Ransomware Payments Surge
Ransomware
attacks are on track for a record-breaking year, with 2024 already seeing the
largest single payment ever recorded at approximately $75 million to a group
known as Dark Angels. The median ransom payment to the most severe strains has
spiked from just under $200,000 in early 2023 to $1.5 million in mid-June 2024.
“A
large number of new ransomware groups have joined the fray, displaying new
methods and techniques to carry out their attacks,” Andrew Davis, the General
Counsel at Kiva Consulting, noted.
Despite the
increase in attack frequency and severity, there is a silver lining. While
ransomware incidents have increased by 10% year-over-year, total payment events
have declined by 27.29%, suggesting improved victim preparedness and
resilience.
Data on the
increasing number of ransomware attacks is also confirmed
by ZScaler’s State of Ransomware Report, which stated that in 2023, the
frequency of such activities increased by 73%, and the total payout surpassed
over $1 billion. The attacks were largely focused on the FX sector and
cryptocurrencies.
“Also, it's
vital to note that the percentage of hacks is far lower than with TradFi so we
shouldn't be so quick to demonize DeFi as being rampant with hacks,” added
Toledano. In the United States alone, consumers lost $10 billion to financial
scammers in 2023.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Kraken Argues Cryptos Are Not “Illegal Securities”: Seeks Jury Trial against SEC Lawsuit
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage.
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage.
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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🐦 Twitter: https://twitter.com/F_M_events
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
📣 Stay updated with the latest in finance and trading!
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
📣 Stay updated with the latest in finance and trading!
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