In 2024, the crypto industry saw major shifts, including the approval of Bitcoin and Ethereum ETFs, but it continued to battle hacker attacks. Chainalysis' "2024 Crypto Crime Mid-year Update" noted a 20% drop in illegal crypto transactions, but some forms of crime surged.

Hacking Activity and Cybercrime
While illegal transactions dropped, stolen crypto assets nearly doubled to $1.58 billion by July, an 84.4% increase from 2023. Hacking incidents were up by 2.76%, with the average loss per attack rising 79.46% to $10.6 million. Centralized exchanges became frequent targets as hackers employed more sophisticated tactics like social engineering.

Ransomware Growth
Ransomware revenues rose by 2%, reaching $459.8 million by mid-2024. Notably, a record $75 million ransom was paid to the Dark Angels group. Average ransom demands spiked from under $200,000 in 2023 to $1.5 million in 2024, with large enterprises often targeted. Despite fewer active ransomware strains, high-risk variants have intensified.

Top Secure Crypto Exchanges
Leading exchanges have enhanced security to protect users:
Kraken: Uses two-factor authentication (2FA), cold wallets for 95% of assets.
WhiteBIT: Secures 96% of assets in cold wallets, with strong AML/KYC compliance.
Coinbase: Stores 98% of assets offline and uses MPC technology for cryptographic key management.
Crypto.com: Offers 2FA, biometric identification, and IP whitelisting.
Gemini: Features 2FA, hardware security keys, and approved withdrawal addresses.

In summary, 2024 saw a rise in ransomware and hacking, particularly targeting centralized exchanges. Despite a decline in overall crypto crime, cybercriminals continue to adapt with new techniques.