Blockchain
Cryptocurrency stolen through hacking increased 110% in the first half of 2024 compared to 2023
According to a recent finding by TRM Labs, hackers targeting cryptocurrencies stole $1.38 billion in the first half of 2024.
That total marked a 110% increase over what they stole during the first half of 2023, According to blockchain intelligence firmIn the first six months of last year, it was $657 million.
TRM Labs said in its analysis that “higher average token prices” likely played a role in the observed spike in stolen cryptocurrencies.
Popular Cryptocurrencies For example, Bitcoin and Ethereum have seen their prices increase by 87% and 65%, respectively.
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According to its report, the blockchain intelligence firm noted that it has not seen “fundamental changes in the security of the cryptocurrency ecosystem” or “significant differences” in the frequency or method of attacks compared to the first six months of 2023.
A representation of cryptocurrencies in this illustration was taken on January 24, 2022.
When it came to stealing cryptocurrency during the first six months of 2024, hackers most often resorted to compromises of private keys and seed phrases to do so, according to TRM Labs. The blockchain intelligence firm also identified smart contract exploits, flash loan attacks, and other tactics as it is frequently used.
TRM found that more than three-quarters of the $1.38 billion stolen by cryptocurrency hackers between January 1 and June 24 was linked to five incidents, including the $300 million hack suffered by DMM Bitcoin a couple of months ago.
“While not surprising, TRM Labs’ recent report is a stark reminder that the cryptocurrency industry needs to do much more to plug the holes that exist within the broader blockchain ecosystem,” Rubicon Digital Assets CEO Greg Johnson told FOX Business. “While cryptocurrency price recovery plays a major role in the YOY increase in cyber exploits, the risk of cybercriminal activity… both individual and state-sponsored… remains the greatest threat to all cryptocurrency participants.”
A hacker sits behind monitors in a room.
According to TRM Labs analysis, 2022 holds a record for the January-June period, with nearly $2 billion in cryptocurrency stolen.
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Cryptocurrency users continue to face the threat of theft “in part because it is a relatively immature technology,” according to Elliptic’s Tom Robinson.
“Hackers have found flaws in smart contracts used in various services, which have been exploited,” he explained. “However, cryptocurrencies can be traced: investigators can ‘follow the money’ in some circumstances and recover stolen assets.”
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Meanwhile, Eric Jardine, head of cybercrime research at Chainalsys, a blockchain analytics firm, told FOX Business that his firm was “continuing to see hacking and money laundering tactics that are typical of North Korean attacks” in the cryptocurrency space.
The hackers
“One evolution we are seeing this year is in the typology of victims: we are seeing a return to centralized exchange hacks, whereas in recent years attackers have targeted DeFi services,” he said in a statement. “We are also seeing early indications of new uses for cryptocurrencies, such as crypto gaming services, tokenization of real-world assets, and distributed artificial intelligence platformsare not immune to hackers and could become common targets for malicious activity if these use cases continue to grow.”
In another report from January, Chainalysis found that approximately $1.7 billion in cryptocurrency had been stolen by hackers over the past year.
Source of the original article: Cryptocurrency stolen through hacking increased 110% in the first half of 2024 compared to 2023