Crypto Theft Surges in First Half of 2024: Hackers Steal $1.38 Billion

Hackers have been on a rampage in the world of cryptocurrency, with a new report from blockchain intelligence firm TRM revealing that they stole over $1.38 billion worth of crypto assets in the first half of 2024. This is more than double the amount stolen during the same period last year, which was $657 million.

According to TRM, the top five hacks and exploits accounted for 70% of the stolen crypto assets in the first six months of 2024. Private key and seed phrase compromises, smart contract exploits, and flash loan attacks were identified as the top attack vectors.

One of the largest hacks this year was the DMM Bitcoin incident, where the Tokyo-based exchange lost 4,500 Bitcoin worth over $300 million. The exact cause of the exploit is still unknown, but it is suspected that hackers may have accessed the funds through stolen private keys or address poisoning.

Address poisoning is a common tactic used by scammers to trick wallet owners into sending funds to the wrong address. TRM also noted that the increase in token prices over the past six months may have contributed to the rise in crypto theft volume.

Despite the significant increase in crypto theft this year, TRM pointed out that the volume is still below the record-high seen in 2022. However, thefts from hacks and exploits are still one-third lower than the same period in 2022.

In light of the surge in crypto scams, blockchain security firm SlowMist recently warned about scams targeting Toncoin (TON) users on Telegram. Scammers are reportedly spreading phishing links and using fake airdrops to steal from users’ wallets.

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