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Home»Security and Privacy»Hackers exploit booming crypto market, laundering hits $1.3 billion in 2024
Hackers exploit booming crypto market, laundering hits $1.3 billion in 2024
Security and Privacy

Hackers exploit booming crypto market, laundering hits $1.3 billion in 2024

January 14, 2025No Comments2 Mins Read
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Crypto Laundering from Hacking Activities Surges to $1.3 Billion in 2024

According to a recent report from blockchain security firm Peckshield, crypto laundering from hacking activities skyrocketed in 2024, with a staggering $1.3 billion funneled through illicit methods. This marks a significant 280% increase compared to the $342 million recorded in 2023. The analysis focused on incidents involving hack-related losses exceeding $1 million.

The booming market in 2024, with Bitcoin’s price more than doubling to over $100,000 by December from $42,000 in January, may have amplified the scale of laundering. This market growth likely encouraged criminals to scale up their laundering activities during the reporting period.

Despite blockchain’s transparency allowing for more efficient tracking than traditional financial systems, criminals continue to innovate and adapt to avoid scrutiny. Their reliance on emerging tools and strategies showcases their ability to stay ahead of detection.

Laundering Techniques Used by Malicious Actors

Peckshield highlighted that hackers relied on techniques like chain hopping and coin mixing to obscure their stolen funds. In 2024, hackers moved $452 million through chain hopping and centralized exchanges, while $468 million passed through coin mixing platforms.

Crypto Laundering
Crypto Laundering (Source: Peckshield)

Chain hopping involves transferring assets across multiple blockchain networks to obscure their trail. Hackers often use several personal wallets as intermediaries to make detection even more challenging. Coin mixing, on the other hand, combines funds from various sources and distributes them in a way that disguises their origins.

Evolution of Phishing Tactics

While laundering activities saw a significant increase, losses from phishing attacks actually dropped by over 24% to $834.5 million in 2024 from $1.1 billion in 2023. However, new phishing strategies have emerged, making these attacks harder to prevent. Advanced techniques such as social engineering, address poisoning, and approval phishing accounted for $600 million of the total losses.

See also  ITSM Software Market Next Big Thing | Major Giants Freshworks, SolarWinds, Axios Systems

Phishing scams involve bad actors impersonating trusted entities to steal sensitive information or wallet access. Social media platforms like X (formerly Twitter) continue to be hotspots for these schemes, where attackers post misleading comments or links to fraudulent websites.

References:

Peckshield Report on Crypto Laundering, 2024

Billion BOOMING Crypto exploit Hackers hits Laundering market
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