GLOBAL CRYPTOCURRENCY THEFT SOARS TO $1.38 BILLION IN FIRST HALF OF 2024

Mon 08 July 2024:

Cryptocurrency thefts more than doubled in the first half of 2024, with hackers stealing over $1.38 billion, up from $657 million in the same period in 2023, according to blockchain researchers TRM Labs. The increase is attributed to a few large-scale attacks and rising crypto prices.

The median theft size also increased by 1.5 times compared to the previous year. Ari Redbord, global head of policy at TRM Labs, noted that the value surge in tokens like Bitcoin, Ether, and Solana has motivated cybercriminals to target crypto services more aggressively.

Bitcoin’s price recovery, reaching an all-time high of $73,803.25 in March 2024, has further fueled these attacks. One significant incident involved the theft of approximately $308 million worth of Bitcoin from Japanese exchange DMM Bitcoin.

In 2022, stolen cryptocurrency volumes were around $900 million, highlighted by a major theft of over $600 million from a blockchain network linked to the game Axie Infinity, which was attributed to North Korean hackers.

The United Nations has accused North Korea of using cyberattacks to fund its nuclear and missile programs, though North Korea denies these allegations.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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