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News

$1.38 Billion Lost in First Half 2024 Crypto Hacks: Report

July 5, 2024 - Around 2 mins mins to read

Key Points:

  • Crypto theft reached $1.38 billion in early 2024.
  • Five major hacks made up 70% of the theft.
  • 2024’s total theft is less than 2022’s $2 billion.
According to BBG, First half 2024 crypto hacks more than doubled to $1.38 billion. 70% came from five major attacks. Despite being lower than 2022’s $2 billion, most hacks involved unauthorized access to private keys.
$1.38 Billion Lost in First Half 2024 Crypto Hacks: Report
$1.38 Billion Lost in First Half 2024 Crypto Hacks: Report

According to blockchain intelligence firm TRM, cryptocurrency theft through hacks and network exploits more than doubled to $1.38 billion in the first half of 2024.

Cryptocurrency Theft Surged in 2024, Says TRM

A staggering 70% of the pilfered cryptocurrency was from five big attacks. Like last year and preceding years, a few big breaches accounted for most of the lost funds.

Nevertheless, the aggregate value of cryptocurrency stolen in 2024 is lower than the almost $2 billion plundered in the first half of 2022, which holds the record for crypto theft. According to TRM, the volume could be attributed to the surge in cryptocurrency prices in the second half of 2021.

Readmore: High Court Freezes Craig Wright Assets, Orders £1.548M Payment Of Legal Fees

First Half 2024 Crypto Hacks: Largest Attack on DMM Bitcoin

Most crypto-centred hacks were made possible by gaining unauthorized access to private keys and seed codes, which are cryptographic strings that allow access to crypto wallets.

At the moment, the largest attack in 2024 was directed against Japanese crypto exchange DMM Bitcoin, from which more than $300 million worth of Bitcoin and more than 4,500 tokens were stolen. How this huge breach occurred is yet unknown.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Crypto Hack

Crypto Hacking

cryptocurrency hack

DMM Bitcoin

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Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.
News, Analysis

$1.38 Billion Lost in First Half 2024 Crypto Hacks: Report

Key Points:

  • Crypto theft reached $1.38 billion in early 2024.
  • Five major hacks made up 70% of the theft.
  • 2024’s total theft is less than 2022’s $2 billion.
According to BBG, First half 2024 crypto hacks more than doubled to $1.38 billion. 70% came from five major attacks. Despite being lower than 2022’s $2 billion, most hacks involved unauthorized access to private keys.
$1.38 Billion Lost in First Half 2024 Crypto Hacks: Report
$1.38 Billion Lost in First Half 2024 Crypto Hacks: Report

According to blockchain intelligence firm TRM, cryptocurrency theft through hacks and network exploits more than doubled to $1.38 billion in the first half of 2024.

Cryptocurrency Theft Surged in 2024, Says TRM

A staggering 70% of the pilfered cryptocurrency was from five big attacks. Like last year and preceding years, a few big breaches accounted for most of the lost funds.

Nevertheless, the aggregate value of cryptocurrency stolen in 2024 is lower than the almost $2 billion plundered in the first half of 2022, which holds the record for crypto theft. According to TRM, the volume could be attributed to the surge in cryptocurrency prices in the second half of 2021.

Readmore: High Court Freezes Craig Wright Assets, Orders £1.548M Payment Of Legal Fees

First Half 2024 Crypto Hacks: Largest Attack on DMM Bitcoin

Most crypto-centred hacks were made possible by gaining unauthorized access to private keys and seed codes, which are cryptographic strings that allow access to crypto wallets.

At the moment, the largest attack in 2024 was directed against Japanese crypto exchange DMM Bitcoin, from which more than $300 million worth of Bitcoin and more than 4,500 tokens were stolen. How this huge breach occurred is yet unknown.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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