Introduction
In a comprehensive report titled 2024 Half-Year Blockchain Security and Anti-Money Laundering Report, SlowMist, a leading blockchain security and compliance provider, delves into the evolving landscape of blockchain regulations, security incidents, and anti-money laundering (AML) trends. This document serves as a comprehensive overview of the key regulatory policies and dynamics in the blockchain industry, focusing on the perspectives of multiple stakeholders, including regulators, industry professionals, and blockchain enthusiasts. The report identifies and analyzes the major security challenges and AML risks in the blockchain ecosystem, offering insights into effective prevention and countermeasures against these threats.
Blockchain Security Landscape
Key Takeaways on Security Incidents
- Total Incidents: In the first half of 2024, there were 223 reported security incidents, resulting in a total loss of approximately $1.43 billion. This marks a 55.43% increase compared to the same period in 2023, where 185 incidents resulted in losses of around $920 million (excluding personal losses).
- Most Affected Networks: Ethereum suffered the highest losses at $400 million, followed by Arbitrum at $72.46 million, and Blast at $70 million. The Binance Smart Chain (BSC) had the most reported incidents (57) with losses amounting to $32.12 million.
- Common Attack Targets: The DeFi sector was the most targeted, accounting for 70.85% of all incidents with a total loss of $659 million. This is a 37.29% increase compared to the previous year. The second most affected area was the trading platforms, with a total loss of $524 million, notably highlighted by the DMM Bitcoin incident which alone accounted for $305 million in losses.
- Leading Causes of Security Incidents: Contract vulnerabilities were the most common cause, with 56 incidents resulting in a loss of approximately $104 million. Runaway incidents, where projects unexpectedly cease operations, also ranked second, with 50 reported cases.
Threat Analysis
- Fishing and Theft Techniques: The report highlights several tactics used by cybercriminals, including malicious extensions with identical beginning and end numbers, malicious木马 programs, malicious bookmarks, and phishing for signatures.
- Malicious Groups: Detailed analysis is provided on the activities of the Lazarus Group and Wallet Drainers, two notorious hacker groups. The Lazarus Group is known for its cyber espionage activities, while Wallet Drainers specialize in stealing cryptocurrency wallets.
Anti-Money Laundering (AML) Dynamics
Regulatory Developments
- Key Developments in the AML Landscape: The report discusses significant advancements in AML regulations across various jurisdictions, including China, Hong Kong, Singapore, the United States, Europe, and the Middle East, focusing on how these regions are addressing the challenges of cryptocurrency-related financial crimes.
Funds Frozen and Recovered
- Tether and Circle: Statistics show that in the first half of 2024, a total of 402 Ethereum addresses were blocked, with USDT-ERC20 and USDC-ERC20 assets frozen. SlowMist, with the support of its intelligence network partners, assisted in recovering approximately $24.39 million in funds from compromised accounts.
Financial Crimes Analysis
- Lazarus Group and Wallet Drainers: The report delves into the operational methods and impact of these groups, providing insights into their activities and the measures taken to combat them.
- Money Laundering Tools: Analysis of tools like Tornado Cash and eXch is provided, showcasing their role in facilitating the movement of illicit funds within the blockchain ecosystem.
Conclusion
The report underscores the increasing complexity of security threats and the critical importance of robust AML measures in the blockchain sector. It serves as a valuable resource for understanding the current state of blockchain security and AML, offering insights and strategies for stakeholders to mitigate risks and enhance the integrity of the blockchain ecosystem. Through collaborative efforts, the industry can work towards a safer and more transparent blockchain environment, ensuring the sustainable growth and adoption of blockchain technologies.
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