Cryptocurrency theft through hacking has more than doubled in the first six months of 2024, reaching a staggering $1.38 billion, according to blockchain research firm TRM Labs. This alarming increase is driven by a combination of factors, including a small number of large-scale attacks and the rising value of cryptocurrencies.
Hackers stole over $1.38 billion worth of cryptocurrency by June 24, 2024, compared to $657 million during the same period in 2023. The median theft was also significantly larger this year, indicating that hackers are targeting more valuable assets.
“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 that cybercriminals are more motivated to attack crypto services, and can steal more when they do.”
The recent surge in crypto prices, which have recovered from the lows of late 2022, has undoubtedly played a role in motivating cybercriminals. Bitcoin, for example, reached an all-time high of $73,803.25 in March 2024.
One of the most notable losses this year was the theft of roughly $308 million worth of bitcoin from Japanese crypto exchange DMM Bitcoin, in what the company called an “unauthorized leak.” While cryptocurrency companies are frequent targets for hacks and cyberattacks, losses of this scale are rare.
Stolen cryptocurrency volumes in 2022 were around $900 million, partly due to the over $600 million stolen from a blockchain network linked to the online game Axie Infinity. The United States 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 allegations of hacking and other cyberattacks.
The concerning rise in crypto theft underscores the need for greater security measures and ongoing vigilance from both individuals and institutions within the crypto space.