Global Cryptocurrency Hacks Double in 2024, Driven by Large Attacks

12 views
By June 2024, bitcoin theft had increased to more over $1.38 billion, more than twice the figure from the same month in 2023.
By June 2024, bitcoin theft had increased to more over $1.38 billion, more than twice the figure from the same month in 2023.

According to TRM Labs, cryptocurrency theft through hacks surged to over $1.38 billion by June 2024, doubling from the same period in 2023.

Impact of Rising Cryptocurrency Prices:

The increase is attributed to a small number of significant attacks and the higher valuation of cryptocurrencies like Bitcoin, ether (ETH), and Solana compared to last year.

The median theft size has increased by one-and-a-half times, indicating heightened motivations for cybercriminals targeting crypto services.

Market Recovery and Motivation:

Crypto prices rebounded from 2022 lows post-Sam Bankman-Fried’s FTX collapse and hit records in 2024, with bitcoin reaching $73,803.25 in March.

Among major losses, Japanese exchange DMM Bitcoin reported approximately $308 million in stolen bitcoin, which it termed an “unauthorized leak.”

Historical Context and Security Challenges:

In 2022, cryptocurrency thefts totaled about $900 million, notably including over $600 million from a blockchain linked to Axie Infinity, linked by the US to North Korean hackers.

The United Nations has accused North Korea of using cyberattacks, including cryptocurrency theft, to fund nuclear and missile programs, although North Korea has denied such allegations.

This structure provides a concise and informative breakdown of the article’s key points, suitable for readers desiring a quick understanding of the topic.

James Adam

James Adam, a noted business writer for CEO Times Magazine, specializes in insightful industry analysis and executive profiles. Known for his clear, concise style, James offers readers an expert perspective on global business trends and market dynamics.

Previous Story

Carlyle Group in Talks to Acquire Baxter’s Vantive for Over $4 Billion

Next Story

TD Bank Chief Compliance Officer Departs Amid U.S. Anti-Money Laundering Probe

Latest from Technology