$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.

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.

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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.