In a recent revelation by blockchain research firm TRM Labs, cryptocurrency thefts have seen a drastic increase in the first half of 2024, amounting to a whopping $1.38 billion.
What Happened: The volume of stolen cryptocurrency, such as Bitcoin, Ethereum (CRYPTO: Ether) and Dogecoin (CRYPTO: DOGE), in the first half of 2024 has doubled in comparison to the same period in 2023, CNBC reported on Tuesday. The report by TRM Labs disclosed that hackers made away with $1.38 billion worth of crypto from Jan. 1 to June 24, marking a significant rise from the $657 million stolen during the same timeframe a year ago.
The five largest hacks accounted for 70% of the total amount stolen in the first half of 2024. The most substantial theft involved over $300 million worth of Bitcoin (CRYPTO: BTC) from the Japanese crypto exchange DMM Bitcoin.
Despite the constant number of attacks, the report noted that the crypto ecosystem's security hasn't seen any significant changes that could have led to the increase in thefts. However, the firm pointed out that higher crypto prices in the first half of 2024 could have contributed to the increased value of stolen crypto.
Crypto firms are advised to adopt a multi-layered defense strategy, including regular security audits and robust encryption, to combat hacks and exploits. TRM Labs also recommended educating employees and implementing a comprehensive incident response strategy.
Why It Matters: Earlier this year, phishers stole $47 million in crypto, primarily through fake accounts on Elon Musk's social media platform X. The victims were primarily lured to phishing websites through comments made by impersonator accounts on X.
In May, the popular Web3 game Gala Games was hacked, resulting in a loss of $214 million. The hacker exploited a loophole on the platform and minted 5 billion GALA tokens, which were worth $214 million at the time of the exploit.
The theft of Bitcoin mining machines has also been making headlines in July. Jameson Lopp, a Bitcoin advocate, highlighted two significant busts involving the theft of Bitcoin mining equipment, questioning the robbers' objectives.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari