tl;dr
The mid-year report by blockchain analysis firm Chainalysis reveals a shift in crypto criminals' focus towards centralized exchanges, with over $1.5 billion stolen in the first half of the year. This marks a significant change from previous years, attributed to attackers' advanced social engineering...
Crypto criminals are turning their attention to centralized exchanges, utilizing advanced social engineering tactics and targeting larger potential payoffs, according to a mid-year report by blockchain analysis firm Chainalysis.
The report reveals an 84% year-on-year increase in stolen crypto value, amounting to $1.58 billion, representing a significant surge compared to the 50% year-on-year decline in the same period last year.
The threat of ransomware is also on the rise, with total ransoms paid reaching $459.8 million, potentially linked to the increase in stolen funds and organized crime activities.
Despite the surge in organized crime, legitimate transactions on blockchains are surpassing illicit activity, signaling a shift of cryptocurrencies towards mainstream adoption.
The report details a shift in crypto criminals' focus towards centralized exchanges, with over $1.5 billion stolen in the first half of the year, marking a significant change from previous years, attributed to attackers' advanced social engineering tactics.
It highlights an 84% increase in stolen crypto value compared to last year, with ransomware posing a growing threat. However, legitimate transactions on blockchains are outpacing illicit activity, indicating a positive trend in the crypto sector.
The report suggests a possible link between the rise in ransomware activity and the increase in stolen funds, noting that organized groups, including those connected to North Korea, are behind some of the largest heists.
The growth of legitimate transactions on blockchains is outpacing the increase in illicit activity, indicating the continued transition of cryptocurrencies to the mainstream, according to Eric Jardine, Cybercrimes research lead at Chainalysis.