February 13, 2025<\/p>\n\n\n\n
By Anjali Kochhar<\/p>\n\n\n\n
The global cryptocurrency sector saw a worrying trend in 2024, while the total volume of illicit crypto transactions declined by 24%,<\/strong> losses from hacks and scams soared to $2.2 billion,<\/strong> a 21% increase from the previous year. This highlights how cybercriminals continue to exploit blockchain technology for ransomware attacks, financial fraud, and terrorist financing.<\/p>\n\n\n\n According to the 2025 Crypto Crime Report by TRM Labs, the total illicit transaction volume in the crypto market fell to approximately $45 billion in 2024. However, this decline was overshadowed by a record surge in ransomware attacks, with over 5,600 reported incidents. Cybercriminals increasingly used cross-chain bridges to launder ransom payments, making it harder for law enforcement to track stolen funds.<\/p>\n\n\n\n One of the most alarming revelations of the report is the involvement of North <\/strong>Korean cybercriminals, <\/strong>who stole <\/strong>$1.34 billion <\/strong>through 47 cyberattacks <\/strong>in 2024. These stolen funds are believed to be financing North Korea\u2019s ballistic <\/strong>missile and nuclear programs. North Korea-linked hackers accounted for nearly two-thirds of all crypto-related hacking losses,<\/strong> reinforcing concerns over state-sponsored cybercrime.<\/p>\n\n\n\n The Federal Trade Commission (FTC) reported a dramatic rise in Bitcoin ATM scams, with consumers losing $65 million in the first half of 2024. These scams often involve imposters posing as officials and convincing victims to deposit funds into Bitcoin ATMs, misleadingly referred to as “safety lockers.” The median loss reported was $10,000. <\/p>\n\n\n\n In Asia, regulatory gaps, high digital adoption rates, and financial accessibility have created both opportunities and risks. The region has become a crucial battleground for crypto-related crimes, necessitating enhanced regulatory frameworks and international cooperation to combat these illicit activities.<\/p>\n\n\n\n The evolving tactics of cybercriminals underscore the need for proactive risk management, intelligence sharing, and regulatory coordination. While progress has been made in curbing illicit activities, crypto crime remains a dynamic and persistent threat. <\/p>\n\n\n\n About the author<\/strong><\/strong><\/p>\n\n\n\n Anjali Kochhar covers cryptocurrency and blockchain stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.<\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" February 13, 2025 By Anjali Kochhar The global cryptocurrency sector saw a worrying trend in 2024, while the total volume of illicit crypto transactions declined by 24%, losses from hacks and scams soared to $2.2 billion, a 21% increase from the previous year. This highlights how cybercriminals continue to exploit blockchain technology for ransomware attacks, financial fraud, and terrorist financing. According […]<\/p>\n","protected":false},"author":4,"featured_media":6420,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-7139","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uncategorized"},"yoast_head":"\n