Crypto hacking thefts double to $1.4 bln in first half of 2024, researchers say

In the first half of 2024, the amount of cryptocurrency stolen in global hacks more than doubled compared to the previous year, driven by a few significant attacks and the rising value of cryptocurrencies, according to blockchain researchers TRM Labs. By June 24, 2024, hackers had stolen over $1.38 billion worth of crypto, up from $657 million during the same period in 2023, as reported by TRM Labs.

The median theft size was one-and-a-half times larger than the previous year, highlighting the increased motivation of cybercriminals due to the higher values of tokens such as bitcoin, ETH (ether), and Solana compared to a year ago, stated Ari Redbord, global head of policy at TRM Labs. Cryptocurrency prices have rebounded from the lows seen after the collapse of Sam Bankman-Fried's FTX crypto exchange in late 2022, with bitcoin reaching an all-time high of $73,803.25 in March 2024.

One of the notable thefts this year was the approximately $308 million worth of bitcoin stolen from the Japanese crypto exchange DMM Bitcoin, described by the company as an "unauthorized leak," according to reports from the New York Times. While cryptocurrency companies are frequent targets for cyberattacks, losses of this magnitude remain uncommon.

In 2022, stolen cryptocurrency volumes amounted to around $900 million, partly attributed to the theft of over $600 million from a blockchain network associated with the online game Axie Infinity, which the United States linked to North Korean hackers. The United Nations has accused North Korea of using cyberattacks to fund its nuclear and missile programs, although North Korea has denied involvement in hacking and other cyber activities.