The value of cryptocurrency stolen in hacks worldwide has more than doubled in the first six months of 2024 compared to the same period in 2023, according to blockchain researchers, TRM Labs.
This surge is attributed to a few large-scale attacks and the rising value of cryptocurrencies. Hackers stole over $1.38 billion worth of cryptocurrency by June 24, 2024, up from $657 million during the same timeframe in 2023, TRM Labs reported. The median theft size also increased by one-and-a-half times compared to the previous year.
“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,” TRM Labs’ global head of policy, Ari Redbord, said.
This increase in token values has made cybercriminals more motivated to target crypto services and enabled them to steal larger amounts. Cryptocurrency prices have generally rebounded from the lows experienced 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 2024.
One of the most significant crypto thefts this year involved approximately $308 million worth of bitcoin stolen from the Japanese crypto exchange DMM Bitcoin, which the company described as an “unauthorised leak.” Although crypto companies are frequent targets of hacks and cyberattacks, losses of this magnitude are uncommon.
In 2022, stolen cryptocurrency volumes totalled around $900 million, according to Redbord, with a significant portion coming from a $600 million theft from a blockchain network linked to the online game Axie Infinity. The United States has attributed that theft to North Korean hackers.
The US has also accused North Korea of using cyberattacks to fund its nuclear and missile programs, though North Korea has denied has denied the allegations.
