Cryptocurrency Thefts Double To $1.4bn In First Half Of 2024, Report Reveals
The volume of cryptocurrency stolen globally in the first half of 2024 more than doubled compared to the same period last year, according to blockchain researchers TRM Labs. This surge is attributed to a few large-scale attacks and rising crypto prices, Reuters reported.
By June 24, 2024, hackers had stolen over $1.38 billion worth of cryptocurrency, a significant increase from the $657 million stolen during the same timeframe in 2023, as reported by TRM Labs. The median theft size also grew by one-and-a-half times compared to the previous year.
Ari Redbord, global head of policy at TRM Labs, noted that while there have been no fundamental changes in the security of the cryptocurrency ecosystem, the value of various tokens has significantly increased. "While we have not seen any fundamental changes in the security of the cryptocurrency ecosystem, we have seen a significant increase in the value of various tokens - from bitcoin to ETH (ether) and Solana - compared to the same time last year," said Redbord.
This rise in token values has made cybercriminals more motivated to target crypto services, allowing them to steal larger amounts when they do succeed. Cryptocurrency prices have generally rebounded from their lows in late 2022 following the collapse of Sam Bankman-Fried's crypto exchange, FTX. Bitcoin reached an all-time high of $73,803.25 in March this year.
One of the largest losses this year involved approximately $308 million worth of bitcoin stolen from Japanese crypto exchange DMM Bitcoin due to an "unauthorised leak." Such large-scale losses are rare but highlight the vulnerability of cryptocurrency companies to hacks and cyberattacks.
In comparison, stolen cryptocurrency volumes in 2022 were around $900 million. This figure includes over $600 million taken from a blockchain network linked to the online game Axie Infinity. The United States has attributed this theft to North Korean hackers.
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