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The amount of cryptocurrency stolen by hackers more than doubled in the first half of 2024 compared to a year ago Report from blockchain research company TRM Labs show.
The report stated that $1.38 billion worth of cryptocurrency was stolen between January 1 and June 24, more than double the $657 million stolen during the same period last year. As with last year, a handful of large attacks drove the increase in stolen cryptocurrency, with the top five hacks accounting for 70% of the amount stolen in the first half of the year.
TRM Labs said that the main attack vectors in 2024 include private keys and seed phrases (random sequences of words that store the information needed to access or recover cryptographic wallets).
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Hackers Use Stolen Private Keys or Address Poisoning – An attacker sends a small amount of cryptocurrency from a wallet with a similar address designed to mimic yours or your recipient’s address with the goal of tricking the victim into sending funds to Wrong wallet.
Encrypted addresses are long, complex strings that are difficult to remember or type manually without making mistakes.
TRM Labs said there have been no fundamental changes to the security of the crypto ecosystem, which could lead to an increase in the amount stolen. The report said attack volume and attack vectors were not significantly different from the same period last year.
But the company noted that the higher average price of cryptocurrencies in the first half of the year may have resulted in a higher value for stolen cryptocurrencies.
Cryptocurrency companies are frequently targeted by hackers and cyberattacks.
Cryptocurrency exchange Mt. Gox filed for bankruptcy in 2014 after a series of hackers stole as many as 950,000 bitcoins (worth more than $54 billion at today’s prices).
In November, approximately $115 million was stolen from HTX Exchange and Heco Chain, two cryptocurrency platforms linked to well-known entrepreneur Justin Sun.
TRM Labs said cryptocurrency companies can combat hackers and attacks through a multi-layered defense strategy, including measures such as regular security audits and strong encryption.
Educating employees and implementing a comprehensive incident response strategy can also help protect companies, the report said.
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