Alarming Surge: Stolen Crypto Skyrockets to $1.38 Billion in First Half of 2024, Reports TRM Labs
Hackers more than doubled their cryptocurrency gains in the first half of 2024 compared to the previous year, according to a report from blockchain research firm TRM Labs. The study revealed that $1.38 billion worth of crypto was stolen from January 1 to June 24, an increase from $657 million during the same period last year. The surge in stolen funds was primarily driven by a few large-scale attacks, with the top five heists accounting for 70% of the total amount stolen.
Key attack methods in 2024 included the compromise of private keys and seed phrases, essential for accessing or recovering crypto wallets. The largest theft this year involved over $300 million worth of bitcoin from Japanese crypto exchange DMM Bitcoin. Hackers used techniques such as stolen private keys and address poisoning, where attackers craft similar-looking wallet addresses to deceive victims into sending funds to the wrong accounts.
Despite the significant increase in the value of stolen crypto, TRM Labs noted that there have been no fundamental changes in the security of the crypto ecosystem. The number and methods of attacks have remained relatively constant year over year. However, higher average crypto prices in the first half of 2024 may have contributed to the increased value of stolen assets.
Crypto firms have faced numerous cyberattacks over the years. Notably, Mt. Gox filed for bankruptcy in 2014 after losing up to 950,000 bitcoins. In recent incidents, $115 million was stolen from HTX exchange and Heco Chain, both associated with entrepreneur Justin Sun.
TRM Labs advises that crypto companies can enhance their security through multi-layered defense strategies, including regular security audits and robust encryption. Additionally, educating employees and implementing a comprehensive incident response strategy can further protect firms from such exploits.
Original Story https://www.cnbc.com/2024/07/09/hackers-stole-twice-as-much-crypto-in-the-first-half-of-2024.html
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