Crypto Hacking Thefts Double to $1.4 Billion in First Half of 2024

Crypto Hacking Thefts Double to $1.4 Billion in First Half of 2024

Ever worried about your cryptocurrency vanishing overnight?

Crypto hacking has become a massive issue this year, and it’s affecting everyone in the crypto community.

According to blockchain researchers TRM Labs, the amount of cryptocurrency stolen globally more than doubled in the first six months of 2024. By June 24, hackers had stolen over $1.38 billion worth of crypto, compared to $657 million during the same period in 2023.

So, what’s driving this surge?

Why Crypto Hacking is on the Rise

Let’s break it down:

• Value Increase: The value of various tokens, from bitcoin to ETH (ether) and Solana, has significantly increased compared to last year. This makes crypto an even juicier target for hackers.
• Big Attacks: A small number of large attacks are responsible for the majority of the thefts.

Ari Redbord, global head of policy at TRM Labs, mentioned that although the security of the cryptocurrency ecosystem hasn’t fundamentally changed, the rising value of tokens has motivated cybercriminals to attack more frequently and steal larger amounts.

Notable Hacks in 2024

Among the largest losses this year was the roughly $308 million worth of bitcoin stolen from Japanese crypto exchange DMM Bitcoin. The company described this as an “unauthorised leak.”

Other notable incidents include the theft of over $600 million from a blockchain network linked to the online game Axie Infinity in 2022. The United States has linked this theft to North Korean hackers, who have been accused by the United Nations of using cyber attacks to fund their nuclear and missile programs. North Korea has denied these allegations.

How to Stay Safe

If you’re worried about becoming a victim of crypto hacking, here are a few tips:

• Use Reputable Exchanges: Stick to well-known, reputable exchanges for trading and storing your cryptocurrency.
• Enable Two-Factor Authentication: This adds an extra layer of security to your accounts.
• Stay Informed: Keep up with the latest security practices and news in the crypto world.

Final Thoughts

Crypto hacking is a growing threat, and the numbers for the first half of 2024 are alarming. With the value of cryptocurrency rising, it’s more important than ever to stay vigilant and protect your assets.

Stay safe out there. And remember, in the world of crypto, security is key.

Photo credit: FILE PHOTO: Souvenir tokens representing cryptocurrency Bitcoin and the Ethereum network, with its native token ether, plunge into water in this illustration taken May 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo© Thomson Reuters