News
Cryptocurrency theft doubles to $1.38 billion
Dive Summary:
- Hackers stole $1.38 billion worth of cryptocurrency during the first half of the year, which is about double the amount stolen during the same period in 2023, according to a recent report from blockchain intelligence company TRM.
- Similar to 2023, a small number of major attacks accounted for the bulk of the thefts, with the top five hacks and exploits accounting for 70% of the total value stolen as of June 24, according to the research.
- “More money was stolen during each of the first six months of 2024 than in the corresponding months in 2023,” the report said. TRM said it has so far not observed any fundamental changes in the security of the cryptocurrency market that could explain the trend, although it has noted an increase in token prices.
Dive Overview:
The number of large companies using cryptocurrency — a digital medium of exchange — for payment, stored value or collateral will increase to at least 20% this yearaccording to a 2022 Gartner forecast.
Since the creation of bitcoin in 2009, cryptocurrencies have exploded in popularity and are now collectively worth more than $1 trillion, according to an article published by the Council on Foreign Relations in January. Governments around the world are grappling with challenges related to cryptocurrencies, including concerns about criminal activity, consumer protection and high levels of currency volatility, the report said.
In May, Japanese cryptocurrency exchange DMM Bitcoin suffered a bitcoin theft valued at more than $300 million at the time, marking the largest cryptocurrency-related attack so far in 2024, according to the TRM report.
Despite an increase in cash stolen in the first half of this year compared to last year, the value of the theft is still a third lower than in the same six-month period in 2022, when such thefts set an annual record, the report said.