Subscribe to our newsletter and stay informed

Check out our list of top companies

Check out our carefully compiled lists of the most relevant and impactful companies within their fields.

Check out our list of top unicorns

Read and learn about the biggest companies that various countries have produced, how they made it, and what the future looks like for them.

Crypto Thefts Double to $1.38 Billion

Hackers have more than doubled their crypto loot in 2024, with $1.38 billion stolen in just six months
July 10, 2024

Hackers have significantly increased their cryptocurrency loot in the first half of 2024, as detailed in a recent report by blockchain research firm TRM Labs. According to the report, cybercriminals stole $1.38 billion in crypto assets from January 1 to June 24, more than doubling the $657 million lost during the same period last year. This surge was primarily driven by a few large-scale heists, with the top five hacks responsible for 70% of the total amount stolen.

Among the primary methods used in these attacks were private key and seed phrase compromises. A seed phrase is a sequence of random words used to recover a crypto wallet. The largest heist this year involved the theft of over $300 million worth of Bitcoin from the Japanese crypto exchange DMM Bitcoin. Hackers often exploited stolen private keys or employed tactics like address poisoning, where attackers send a small amount of crypto from a wallet with a similar-looking address to trick victims into transferring funds to the wrong wallet.

Despite the increase in stolen funds, TRM Labs noted that the overall number of attacks and attack vectors had not changed significantly year over year. The firm pointed out that higher crypto prices in the first half of the year could explain the increased value of the stolen assets.

The history of crypto exchanges being targeted by hackers is well-documented. For instance, the notorious case of Mt. Gox, which filed for bankruptcy in 2014 after losing up to 950,000 Bitcoin, valued at over $54 billion today. More recently, in November, $115 million was stolen from HTX exchange and Heco Chain, both linked to entrepreneur Justin Sun.

To combat such threats, TRM Labs recommends that crypto firms adopt a multi-layered defense strategy. This includes regular security audits, robust encryption, employee education, and a comprehensive incident response strategy. Such measures are crucial for protecting against increasingly sophisticated cyber threats in the rapidly evolving cryptocurrency landscape.

While the crypto ecosystem continues to face significant security challenges, proactive and robust security measures can help mitigate the risk and safeguard digital assets.

Last related articles

chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram