Crypto Crime Hits $2.17B in H1 2024 as Asia Faces Violent Surge

- Crypto-related thefts reach unprecedented $2.17 billion in six months. - Asia emerges as hotspot for violent attacks and record-breaking cybercrime. Crypto-related thefts reached an unprecedented $2.17 billion in the first half of 2024, according to a mid-year report from blockchain analytics firm Chainalysis on July 18, 2024. The report reveals that Asia has emerged as a hotspot for violent attacks against wallet holders and record-setting cybercrime. It also highlights a troubling trend: physical violence now occurs alongside soaring digital thefts, emphasizing the growing risks associated with digital asset ownership. On July 18, CoinDesk reported that North Korea's state-sponsored Lazarus Group stole $1.5 billion from Bybit in the largest cryptocurrency hack in history. According to Chainalysis, the hackers exploited a vulnerability in a third-party service that managed Bybit’s wallet systems. This single theft accounted for 69% of the total funds that criminals stole from crypto services during the six-month period. Beyond major breaches, cybercriminals are increasingly targeting individual wallet holders, using advanced AI-driven techniques for phishing, impersonation, and identity theft. Furthermore, the line between digital and physical crime is blurring. Alarmingly, "wrench attacks," where criminals use physical assault or intimidation to steal wallet keys, are on the rise, underscoring the physical dangers of owning crypto assets. A harrowing example is the kidnapping and murder of Anson Que, CEO of Elison Steel, in the Philippines. According to Chainalysis on July 18, Que’s assailants demanded a ransom of ₱200 million (approximately $3.4 million) in cryptocurrency before his death. Such incidents reflect a worrying rise in violent crimes against high-profile crypto holders in Asia, solidifying the region’s reputation as a hotspot for these combined threats. While North America continues to lead in the total value stolen across Bitcoin and altcoins, the Asia-Pacific region now ranks second for altcoin theft. In addition, victim counts have seen rapid increases in Eastern Europe, the Middle East, and the broader Asia-Pacific. As a result of these trends, Chainalysis predicts that total stolen funds could exceed $4 billion by year-end, sparking renewed calls for robust regulatory oversight and industry-wide security enhancements.