Soaring Cryptocurrency Thefts: 2024 Sees Massive Surge in Cybercrimes

The first half of 2024 saw a significant rise in cryptocurrency thefts, with over $1.38 billion stolen globally. TRM Labs attributes this increase to a few significant attacks and higher crypto prices. The median theft value also rose compared to the previous year, reflecting a growing target in the crypto ecosystem.

In a stark warning for the crypto sector, blockchain research firm TRM Labs reported that the amount of cryptocurrency stolen in global hacks more than doubled in the first six months of 2024. This surge, driven by a few large-scale attacks and rising crypto prices, saw hackers make off with over $1.38 billion in digital assets by June 24, compared to $657 million in the same period the previous year.

Notable among these was the theft of approximately $308 million from Japanese crypto exchange DMM Bitcoin. Ari Redbord, global head of policy at TRM Labs, noted no fundamental changes in crypto security but highlighted that cybercriminals are ever more motivated by the increasing value of various tokens like Bitcoin, ETH, and Solana.

This year's sharp increase contrasts with 2022, where stolen volumes were around $900 million. One notable 2022 incident was the $600 million theft linked to the blockchain network of the online game Axie Infinity, which the U.S. connected to North Korean hackers. The report emphasizes the escalating stakes and persistent vulnerabilities in the crypto landscape.

(Disclaimer: With inputs from agencies.)