Blockchain
Cryptocurrency Thefts Double to $1.4 Billion in First Half of 2024, Researchers Say
LONDON (Reuters) – The amount of cryptocurrency stolen through cyberattacks globally more than doubled in the first six months of 2024 from a year earlier, driven by a limited number of large attacks and rising cryptocurrency prices, blockchain researchers TRM Labs said on Friday.
According to a report by TRM Labs, hackers had stolen over $1.38 billion worth of cryptocurrency by June 24, 2024, up from $657 million in the same period in 2023.
According to the report, the average theft was one and a half times greater than in the previous year.
“While we haven’t 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,” said Ari Redbord, global head of policy at TRM Labs.
This means cybercriminals are more motivated to attack encryption services, and when they do, they can steal more, Redbord said.
Cryptocurrency prices have generally recovered from their late 2022 lows following the collapse of Sam Bankman-Fried’s cryptocurrency exchange, FTX. Bitcoin hit an all-time high of $73,803.25 in March of this year.
Among the biggest losses in the cryptocurrency industry this year was the theft of approximately $308 million in bitcoin from Japanese exchange DMM Bitcoin, in what the company called an “unauthorized leak.”
Cryptocurrency companies are often the target of cyber attacks and hacking, although losses of this magnitude are rare.
Cryptocurrency volumes stolen in 2022 totaled about $900 million, Redbord said, in part due to more than $600 million stolen from a blockchain network linked to the online game Axie Infinity. The U.S. has linked North Korean hackers to that theft.
The United Nations has accused North Korea of using cyberattacks to fund its nuclear and missile programs. North Korea has previously denied the accusations of hacking and other cyberattacks.
(This story has been republished to specify the time period in the title)
(Reporting by Elizabeth Howcroft; Editing by Tommy Reggiori Wilkes and Kim Coghill)