Tech
Crypto Hackers Double Loot to $1.38 Billion in First Half of 2024: Tech: Tech Times
From Quincy JonTech Times Jul 09, 2024 03:35 PM EDT
Blockchain analytics firm TRM Labs found that hackers doubled their bitcoin gains in the first half of 2024 compared to the previous year.
Research has shown that Hackers stole $1.38 billion in cryptocurrency between January 1 and June 24, up from $657 million last year, according to CNBC. A few large attacks drove the surge, with the top five hackers accounting for 70% of the stolen funds.
In 2024, TRM Labs identified private key and seed phrase breaches as the top attack vectors. Seed phrases are random words that contain crypto wallet login and recovery information.
The largest theft of the year was $300 million in bitcoin from Japanese cryptocurrency exchange DMM Bitcoin. Hackers used stolen private keys or address poisoning to trick users into sending coins to the wrong wallet by sending a small amount of cryptocurrency from a similar-looking wallet.
Increase in the number of crypto hacking incidents
In terms of security, TRM Labs found no major changes in the cryptocurrency ecosystem. Attack vectors and numbers remained consistent year over year. However, higher average cryptocurrency prices in the early part of the year may have increased the value of stolen assets.
Cyber attacks against Encrypt are common these days. Justin Sun-affiliated HTX exchange and Heco Chain were robbed of $115 million in November. The 2014 collapse of cryptocurrency exchange Mt. Gox, following breaches involving up to 950,000 bitcoins, illustrates the industry’s weaknesses.
TRM Labs advised cryptocurrency companies to use frequent security audits and strong encryption to defend against hackers and vulnerabilities. Employee training and a robust crisis response strategy can also safeguard companies.
In March 2022, the largest cryptocurrency hack ever occurred on the Ronnin network, which underpins the popular blockchain gaming platform Axie Infinity. According to Quartz, the thieves took $625 million in Ethereum and USDC. The theft involved approximately 173,600 ETH and 25.5 million USDC. U.S. officials blamed the theft on the Lazarus Organization, a North Korean-backed hacking organization.
Read also: Evolve Bank Data Breach: 7.6 Million Customers’ Personal Data Compromised
(Photo: JUSTIN TALLIS/AFP via Getty Images)
An illustrative image taken in London on May 8, 2022 shows the gold-plated souvenir cryptocurrency Tether (USDT).
Two Russians Charged with Cryptocurrency Hacking in Philippines
More cryptocurrency hacking news: Two Russians have been charged with hacking into a Philippine company and stealing 340.7 million pesos ($5.8 million) worth of XRP cryptocurrency.
The Department of Justice has indicted two former Coins.ph consultants in a Taguig City court. One defendant faces 23 criminal chargeswhile the other faces three. The bail is P120,000 ($2,051) per count, according to GMA News.
According to the Department of Justice, Coins.ph handles remittances, money transfers, foreign currency exchange, and other financial transactions.
Separately, Malta has charged a former Crypto.com compliance officer from Singapore with extortion and money laundering. They accused him of using his position to gather classified company information and threatening to use it unless the company compensated him after his dismissal, as reported by TechTimes.
A Maltese court has arrested Jose Luis Alonso Melchor. He faces nine charges, including extortion, money laundering, unlawful access to Crypto.com systems, and data alteration and disclosure.
Crypto.com fired Melchor for violating a seizure order. After his firing, Melchor threatened Crypto.com with €44,000 ($47,644) for illegally accessing his files.
After his indictment, Judge Nadia Vella denied Melchor’s request for bail, calling him a flight risk. He faces a €2 million ($2.2 million) freezing order. Crypto.com said it is cooperating with authorities in Melchor’s case.
Related Article: Bitcoin Crash Continues as Germany Sells Half of Its Stocks Worth $900M
ⓒ 2024 TECHTIMES.com All rights reserved. Do not reproduce without permission.