Cryptocurrency Theft Doubles in First Half of 2024, Reaching $1.38 Billion: Report
The world of cryptocurrency has been rocked by a surge in hacking incidents, with the amount of stolen digital assets more than doubling in the first half of 2024 compared to the same period in 2023. According to blockchain researchers TRM Labs, hackers managed to steal over US$1.38 billion worth of cryptocurrency by June 24, 2024, up from US$657 million in 2023.
The increase in cryptocurrency theft can be attributed to a combination of large-scale attacks and the rising value of digital assets such as bitcoin, ether, and Solana. TRM Labs’ global head of policy, Ari Redbord, noted that the higher value of these tokens has made them more attractive targets for cybercriminals, who are now more motivated to target crypto services.
Despite the lack of fundamental changes in the security of the cryptocurrency ecosystem, the surge in crypto prices has provided hackers with greater incentives to carry out attacks. The recovery of crypto prices from the lows of late 2022, coupled with the all-time high of bitcoin in March 2024, has created a lucrative environment for cybercriminals.
One of the most significant cryptocurrency thefts this year was the US$308 million worth of bitcoin stolen from Japanese exchange DMM Bitcoin. This incident, described as an “unauthorized leak” by the company, highlights the ongoing vulnerability of cryptocurrency companies to cyberattacks.
While cryptocurrency thefts of this magnitude are rare, they underscore the need for enhanced security measures within the industry. The United States has linked North Korean hackers to a major theft in 2022, further highlighting the global nature of cybercrime in the cryptocurrency space.
As the value of digital assets continues to rise, the threat of hacking and cyberattacks looms large over the cryptocurrency industry. With cybercriminals becoming increasingly sophisticated in their tactics, the need for robust security measures has never been more critical.
