The post Bitcoin Exchange Hack Leads Surging Tally of Crypto Stolen in 2024: TRM Labs appeared on BitcoinEthereumNews.com.

We do the research, you get the alpha! Get exclusive reports and access to key insights on airdrops, NFTs, and more! Subscribe now to Alpha Reports and up your game! Go to Alpha Reports Hackers stole more than twice as much cryptocurrency in the first half of 2024—based on the U.S. dollar value of the coins—compared to the first six months of 2023, according to a recent report by blockchain intelligence firm TRM Labs. Crypto thefts totaled $1.38 billion up through June 24 of this year, more than double the $657 million stolen as of the same time in 2023. Total crypto thefts thus far in 2024 have already nearly reached the $1.7 billion in value stolen across all of last year, per TRM data. Just a handful of incidents made up the bulk of value stolen in both cases. The largest five hacks of the year so far accounted for 70% of the total amount swiped. Notable incidents include the theft of more than 4,500 BTC valued at over $300 million from Japanese exchange DMM Bitcoin in May, potentially due to stolen private keys or address poisoning. Per TRM, the most prominent attack vectors remain private key and seed phrase compromises, smart contract exploits, and flash loan attacks. The firm found no notable changes in the security of the cryptocurrency ecosystem or the number of attacks between last year and this year. However, crypto prices have been much higher on average so far this year, which may be boosting the tally. No single month in 2024 so far has been an outlier, with theft volumes higher in each of the first six months of the year than the corresponding month in 2023. Still, 2024 crypto thefts remain well below 2022 figures so far. It’s another sign of the far-reaching…

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Filed under: News - @ July 6, 2024 7:20 pm