Crypto theft doubles to $1.4 billion in the first half of 2024, report says

Cryptocurrency thefts surged in the first half of 2024, more than doubling from the previous year, according to TRM Labs. They reported that hackers stole over $1.38 billion worth of crypto by June 24, 2024, compared to $657 million during the same period in 2023. The median amount stolen per attack also increased by one-and-a-half […]

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Cryptocurrency thefts surged in the first half of 2024, more than doubling from the previous year, according to TRM Labs. They reported that hackers stole over $1.38 billion worth of crypto by June 24, 2024, compared to $657 million during the same period in 2023.

The median amount stolen per attack also increased by one-and-a-half times compared to the previous year, highlighting the growing scale of cybercriminal activities in the crypto space.

Ari Redbord, TRM Labs’ global head of policy, attributed the rise in thefts to the increased value of cryptocurrencies like bitcoin, ETH (ether), and Solana compared to a year ago. Higher prices make crypto services more attractive targets for cyberattacks.

Cryptocurrency prices have rebounded from the lows seen after the 2022 collapse of the FTX exchange. Bitcoin, for instance, reached an all-time high of $73,803.25 in March 2024, further incentivizing cybercriminals.

This year, one of the notable thefts was the approximately $308 million worth of bitcoin stolen from Japan’s DMM Bitcoin exchange in what was termed an “unauthorized leak.” Such large-scale losses are rare but underscore the vulnerability of cryptocurrency companies to cyber intrusions.

In 2022, cryptocurrency thefts totalled around $900 million, partly due to a major theft from a blockchain network associated with the game Axie Infinity. The United States has linked North Korean hackers to that incident, alleging that such attacks help fund North Korea’s nuclear and missile programs. North Korea has denied these accusations.

The surge in cryptocurrency thefts highlights ongoing challenges in securing digital assets amid cryptocurrencies’ increasing value and popularity worldwide. As the crypto market grows, ensuring robust security measures becomes crucial to protect investors and maintain trust in digital currencies.

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