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Illegal cryptocurrency transactions have significantly decreased this year, while certain crime types are alarmingly rising. Blockchain analysis company Chainalysis’s 2024 crypto crime report reveals a 19.6% reduction in total illegal activities in the first half of the year. Despite this decline, there are significant increases in specific categories such as stolen funds and ransomware attacks.
Ransomware and Fund Thefts on the Rise
According to Chainalysis’s report, the total value of illegal activities has dropped from $20.9 billion to $16.7 billion since the beginning of the year. This decrease is interpreted as a reduction in illegal activities within the cryptocurrency sector, while fund inflows to legal services have reached their highest level since the 2021 bull market. In 2021, Bitcoin peaked at over $68,000. The report indicates that this positive development suggests the continued global adoption of crypto.
Despite this overall decline, there have been notable increases in crime categories such as stolen funds and ransomware. Analysis of stolen funds shows that such inflows have risen from $857 million to $1.58 billion. Similarly, revenues from ransomware attacks have increased by 2%, reaching $459.8 million.
The report also highlights a significant increase in the average value of cryptocurrency stolen in each crime incident. It states, “Since January, the amount of cryptocurrency stolen in each heist has increased by nearly 80%. Part of this is due to the rise in Bitcoin’s price, which accounts for 40% of the total transaction volume associated with these heists.”
North Korean Hackers Continue to Target the Cryptocurrency Sector
The report states that revenues from ransomware attacks have reached their highest level so far this year, and 2024 could be a record year for ransomware payments. Despite conducting fewer high-profile attacks, groups carrying out large-scale attacks have collected substantial payments. This strategy is seen as a tactic to increase the impact and profits of ransomware attacks.
The report also mentions that North Korean-linked hacker groups are using sophisticated social engineering tactics to infiltrate companies in the cryptocurrency sector and steal funds. Referring to the latest United Nations (UN) report, it states that thousands of North Korean IT specialists are using sophisticated fraud methods to find jobs in Western technology companies.
Chainalysis’s report reveals that despite the overall decrease in illegal activities in the cryptocurrency sector, the increases in specific crime categories still pose a significant threat to the sector’s security and integrity.
