Chainalysis Report on Crypto Crime Trends
Chainalysis, a blockchain analysis firm, has recently released the “2024 Crypto Crime Mid-year Update Part 1” report, highlighting some key trends in illicit activity on the blockchain. While overall criminal transactions have decreased by almost 20% this year, certain categories of criminal behavior, such as stolen funds and ransomware, are on the rise.
Trends in Stolen Funds and Ransomware
- Stolen funds inflows have nearly doubled from $857 million to $1.58 billion in 2024, with the average amount stolen per incident increasing by nearly 80%.
- This surge is partly due to the increased value of Bitcoin (BTC), which now accounts for 40% of the transaction volume linked to these thefts.
- Crypto thieves are shifting their focus back to centralized exchanges, moving away from decentralized finance (DeFi) protocols.
Emergence of Off-Chain Techniques
Cybercriminals, including those associated with North Korea, are using off-chain methods like social engineering to infiltrate crypto services and steal funds.
Ransomware Trends
- Ransomware attacks are on track to be the most profitable in 2024, with inflows increasing by approximately 2%.
- Ransomware operators are focusing on fewer but more lucrative high-profile attacks, known as “big game hunting.”
- A record-setting $75 million ransom was paid to the Dark Angels ransomware group, marking the largest payment ever recorded.
The Changing Landscape of Ransomware
Law enforcement actions against major ransomware players like ALPHV/BlackCat and LockBit have caused some fragmentation in the ransomware ecosystem, leading to a potentially more chaotic but still dangerous environment.
Hot Take: Stay Informed and Vigilant
Stay updated on the latest trends in crypto crime to protect your assets and stay vigilant against emerging threats in the ever-evolving landscape of blockchain security.
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