By Chinenye Anuforo
Cryptocurrency traders worldwide lost a staggering $1.4 billion to hackers in the first six months of 2024, according to a new report by TRM Labs, a leading crypto research firm. This figure marks a significant increase from the $657 million stolen in the same period last year.
The report highlights a concerning trend of rising cryptocurrency theft, with a small number of large attacks accounting for a disproportionate share of the losses. The top five hacks and exploits of 2024 were responsible for a staggering 70% of the total stolen amount.
“While the exact causes of these attacks remain under investigation,” TRM Labs stated, “compromised private keys and seed phrases, alongside smart contract exploits and flash loan attacks, continue to be primary methods for hackers.”
The report detailed the largest attack of 2024, which targeted DMM Bitcoin, a Japanese cryptocurrency exchange. Hackers stole over 4,500 BTC, valued at over $300 million at the time.
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TRM Labs acknowledged that the significant increase in stolen value is partially attributable to rising cryptocurrency prices. While researchers observed no fundamental changes in security protocols or attack vectors compared to 2023, the higher average token prices during the first half of 2024 likely inflated the stolen amounts.
This news comes amidst volatile cryptocurrency markets. While Bitcoin reached an all-time high of over $73,000 in March, it has since fallen below $54,000, raising concerns about the market’s overall stability.
The report underscored the need for heightened security measures within the cryptocurrency industry. As crypto companies remain prime targets for cyberattacks, robust security protocols and user education are crucial to protect investors and their assets.