Cryptocurrency Hackers Steal Over $1.3 Billion in First Half of 2024, TRM Labs Report Shows
Hackers have been on a cryptocurrency stealing spree in the first half of 2024, according to a recent report by blockchain intelligence firm TRM Labs. The report reveals that hackers have managed to steal over $1.38 billion worth of cryptocurrency up through June 24 of this year, more than double the amount stolen during the same period in 2023.
The total value of cryptocurrency thefts in 2024 is already nearing the $1.7 billion stolen throughout the entirety of last year, with just a few major incidents accounting for the majority of the stolen funds. The largest five hacks of the year so far make up 70% of the total amount stolen, including a massive theft of over 4,500 BTC valued at over $300 million from Japanese exchange DMM Bitcoin in May.
TRM identified private key and seed phrase compromises, smart contract exploits, and flash loan attacks as the most prominent attack vectors in these thefts. Despite no significant changes in the security of the cryptocurrency ecosystem or the number of attacks compared to last year, the higher average crypto prices in 2024 may be contributing to the increased value of thefts.
While no single month in 2024 has been an outlier in terms of theft volumes, each month has seen higher thefts compared to the same month in 2023. However, 2024 thefts still remain below the figures seen in 2022.
The recent news of the long-defunct exchange Mt. Gox transferring $2.7 billion in BTC as it begins repaying creditors has further highlighted the impact of major hacks on the cryptocurrency market. This news, coupled with the price of Bitcoin dropping below $54,000 following the Mt. Gox announcement, serves as a stark reminder of the risks associated with holding cryptocurrency.
TRM Labs recommends that investors and organizations implement a multi-layered defense strategy to protect their crypto assets, including periodic security audits, encryption, and the use of multisig wallets. Decrypt reached out to TRM Labs for further details or comments on the report but has not received a response at this time.
