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