Russians lose more than $150 million in stolen code

Table of Contents

Research conducted by country’s cybersecurity experts found that Russian residents lost a staggering amount of money in a year to stolen crypto theft. Russia’s share of global cryptocurrency losses in 2024 is difficult to accurately estimate, but the author says it exceeds $150 million.

Last year, hundreds of successful hacking attempts were seen on platforms offering crypto-related services around the world, and the biggest cryptocurrency robbery in history came in February 2025 when around $1.5 billion in digital assets were stolen by hackers.

Russian code victims lost billions of rubles to hackers

Companies specializing in digital asset security have tried their best to assess the losses that Russian crypto holders have suffered as a result of last year’s hacking attacks. The RBC Business News Portal of Russia writes in a post on its cryptographic page.

The total financial damage caused to Russian users by crypto burglars in 2024 is estimated at more than $150 million or between 12.7 billion and 15 billion Russian rubles at current exchange rates, the report revealed, citing Shard, a Russian-based company that conducts risk assessments of digital assets.

In 2024, hackers carried out more than 160 major attacks on cryptocurrency platforms around the world, Grigory Osipov, investigative director at the Russian company, told RBC. The losses exceeded $2.16 billion, he detailed.

Less than a third of IT crimes are reported to the state

Only about 30% of victims of IT crime reported these cases to law enforcement authorities in 2024, Osipov noted, referring to data previously released by the Ministry of Interior of the Russian Federation.

Crypto security experts highlighted the global nature of digital assets, noting that attacks could be carried out outside of Russian jurisdiction, but could still affect Russian residents.

Furthermore, Russia does not maintain official statistics, particularly regarding crypto theft. This means that Russian media coverage relies primarily on information supplied from research conducted overseas, Grigory Osipov explained in detail.

https://www.youtube.com/watch?v=9VGCD04571G

Although research in Russia is often based on analysis of judicial practices, the number of criminal cases is still relatively small, RBC Crypto said. Less than 2,000 court decisions have been made public so far related to the theft of cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).

This is why companies collect data independently, including using platforms like ZachxBT, Cryptoshields, and ChainAbuse to respond to user requests and conduct their own chain analytics, tracking hacks and thefts via open source.

Over $3 billion lost to hacks, frauds and fraud in 2024

Analysts at blockchain security company Peckshield said losses from hacks, fraud and fraud exceeded $2.61 billion in 2023, and $3.01 billion in 2024, according to analysts in 2022.

More than 70% of last year’s losses, or more than $2.15 billion, came from hacker attacks and security violations, while nearly 30%, or $834.5 million, came from fraud. So far, approximately $488.5 million has been recovered.

In February 2025, Crypto Space witnessed its biggest crypto hack to date when a hacker stole around $1.5 billion from a wallet controlled by Bybit, one of the leading cryptocurrency exchanges. North Korean hackers have been criticized for being a hit on a Dubai-based trading platform.