07/10/2023
102 CommentsHackers stole twice as much cryptocurrency in H1 2024 compared to the same period in 2023
Blockchain intelligence firm TRM Labs recently reported that in the first half of 2024, hackers stole twice as much cryptocurrency as in the first six months of 2023.
In the first half of 2024, the amount of cryptocurrency stolen reached $1.38 billion, double the $657 million in the same period in 2023. This brings the total amount stolen in 2024 to nearly $1.7 billion as of June 24, almost equal to the total stolen in all of 2023 ($1.7 billion).
In the first six months of 2024, more money was stolen than in the corresponding months of 2023, with the average hack size being 150% larger. Source: TRM Labs
Just the five biggest hacks in 2024 accounted for 70% of the total amount stolen. Notably, the hack of Japanese Bitcoin exchange DMM in May resulted in the loss of more than 4,500 BTC worth over $300 million.
The most common methods deployed by hackers include compromising private keys and seed phrases, exploiting smart contracts, and flash loan attacks. TRM Labs did not find any notable changes in the security of the cryptocurrency ecosystem or the number of attacks between last year and this year. However, cryptocurrency prices have been much higher than average this year, which may be driving up the statistics.
No month in 2024 is an exception, with theft volumes higher in each of the first six months of the year than in the same period in 2023. However, so far, the number of cryptocurrency thefts in 2024 is still much lower than the number in 2022.
TRM Labs advises investors and institutions to adopt strong security measures, including regular security audits, encryption, and the use of multi-signature wallets to protect crypto assets.
In conclusion, this report highlights the continuing challenges in securing cryptocurrencies and the continued appeal of these assets to hackers, despite efforts to enhance security within the ecosystem.
