Crypto Heist: Hackers Double Their Haul in 2024's First Half

Cryptocurrency thefts have more than doubled in the first six months of 2024 compared to the same period in 2023, primarily driven by a surge in crypto prices and large-scale hacks, according to blockchain researchers TRM Labs. Hackers stole $1.38 billion worth of crypto by mid-2024, up from $657 million the previous year.

In a startling revelation, blockchain researchers TRM Labs reported a dramatic surge in cryptocurrency thefts during the first half of 2024. The total value of stolen crypto soared to $1.38 billion by June 24, compared to $657 million in the same period last year.

A small number of large-scale attacks and the rising value of cryptocurrencies such as bitcoin and ether have fueled this increase, said Ari Redbord, global head of policy at TRM Labs. "Cybercriminals are more motivated to attack crypto services due to higher token values," he noted.

Despite significant recoveries in crypto prices since late 2022, the frequency and scale of cyberattacks remain a critical concern. Among the largest thefts was the $308 million stolen from Japanese exchange DMM Bitcoin. This uptick in cybercrime highlights the urgent need for enhanced security in the cryptocurrency ecosystem.

(Disclaimer: With inputs from agencies.)