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Cryptocurrency Cyber Attacks Skyrocket in First Half of 2024, Stolen Money Doubles to $1.4 Billion: Tech: Tech Times
The cryptocurrency market has seen a dramatic increase in stolen funds in the first half of 2024, according to blockchain research firm TRM Labs. This is quite alarming, considering we haven’t even reached the second half of the year yet.
Their report reveals a staggering increase compared to the same period last year. This could mean that more cryptocurrency hacks will occur in the coming months.
Double Trouble: More Hackers, More Money Stolen
(Photo: Arthur Mazi from Unsplash)
According to researchers, cryptocurrency hacking incidents have doubled this year, reaching nearly $1.4 billion, and we are not even in the second half of 2024 yet.
Over $1.38 billion in cryptocurrency has been stolen by hackers by June 24. This is more than double the amount stolen ($657 million) during the first half of 2023. This surge is attributed to two key factors, according to experts.
AS Bloomberg states in its reports that this represents five major attacks so far, accounting for 70% of all stolen cryptocurrencies.
“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.
The average size of cryptocurrency thefts has also grown significantly, increasing by 50% compared to the previous year. This suggests that cybercriminals are aiming for greater gains with fewer attacks.
It is also important to note that the general recovery of cryptocurrency prices after the 2022 market crash presents a more lucrative target for hackers.
For example, Bitcoin hit an all-time high of over $73,000 this year, making stolen coins even more valuable.
Related Article: Kraken: $3M in Cryptocurrency Stolen by Security Researchers Using Zero-Day Bug
DMM’s Bitcoin Breach Was the Worst Yet
The report highlights a major incident: the theft of approximately $308 million in Bitcoin from the Japanese stock exchange DMM BitcoinThis large-scale attack, which the company called an “unauthorized leak,” exemplifies the potential losses cryptocurrency firms face. While such large-scale breaches are rare, they raise concerns about security vulnerabilities.
The alleged involvement of North Korea
Cryptocurrency thefts in 2022 reached around $900 million, with one notable case involving the hacking of the Axie Infinity blockchain network. That was the peak of popularity of the cryptocurrency game, when many investors from various countries invested a lot of money in it.
AS News writes in its latest report, the United States claims that North Korean hackers are behind this $600 million heist, allegedly fueling their nuclear and missile programs. North Korea, however, has consistently denied involvement in cyber attacks.
In 2023, the total value of stolen cryptocurrencies reached $1.8 billion.
TRM Labs’ findings underscore the evolving landscape of cryptocurrency security. While cryptocurrency offerings can easily attract users, platforms should know that protecting their customers means maintaining their trust and security.
As the market matures and values fluctuate, there is a need for improved security measures. Cryptocurrency companies should know that safeguarding their assets and investor confidence should be their priority next to profit.
Read also: Security Engineer Faces 3-Year Prison Sentence After $12M Cryptocurrency Theft
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