Crypto Updates

Crypto Hacks Double in First Half of the Year to Over $1,380,000,000, According to Blockchain Intelligence Firm

Crypto Hacks Double in First Half of the Year to Over $1,380,000,000, According to Blockchain Intelligence Firm

Hackers stole more than twice the amount of crypto assets in the first half of 2024 compared to the same period last year, according to blockchain intelligence firm TRM.

In a new report, TRM says that from January to June 24th of this year, cybercriminals siphoned $1.38 billion worth of crypto assets through hacks and network exploits.

In comparison, bad actors stole $657 million worth of crypto over the same time frame last year.

TRM says the top five hacks and exploits are responsible for 70% of the stolen crypto assets in the first six months of 2024. 

“Private key and seed phrase compromises remain a top attack vector in 2024, alongside smart contract exploits and flash loan attacks.”

The blockchain intelligence firm notes that the largest attack so far is that of DMM Bitcoin. In May, the Tokyo-based cryptocurrency exchange lost 4,500 Bitcoin (BTC) worth over $300 million at the time of the incident. TRM says the exact cause of the exploit is still unknown but notes that hackers may have accessed the funds by using stolen private keys or address poisoning.

Address poisoning usually involves a scammer sending a wallet a tiny amount of crypto via an address designed to look similar to the recipient’s wallet. The ploy is designed to trick wallet owners into mistakenly copying the scammer’s address from their transaction history and having funds sent to that wallet instead.

TRM also says the increase in token prices over the past six months may have contributed to the rise in crypto theft volume.

While the amount looted from crypto saw a significant climb this year, TRM notes that the volume is still well below the record-high witnessed in 2022. 

“However, thefts from hacks and exploits are a third below the same period in 2022, which remains a record year. 

Source: TRM

Last month, blockchain security firm SlowMist reportedly warned about a surge in scams targeting Toncoin (TON) users on the messaging app Telegram. Scammers are said to be spreading phishing links through groups and using deceptive tactics such as fake airdrops to steal from users’ wallets.

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