Crypto Theft Loss Doubles to $1.38B in First Half of 2024

Crypto hackers count over a billion in first half loot.

Hacker dressed in gold, sitting on a pile of gold in a digital room.
Created by Gabor Kovacs from DailyCoin
  • Losses in crypto hacking incidents doubled in the first half.
  • Hackers stole over half a billion during the same period last year.
  • The bad actors were motivated by rising crypto prices post-FTX implosion.

The amount of crypto lost to hacks and exploits globally more than doubled in the first half of 2024, TRM Labs’ threat intelligence team said in a report on Friday.

Five incidents accounted for 70% of the total amount stolen so far this year as seed phrase and private key compromises trended as a top incidents, alongside flash loan attacks and smart contract exploits.

Crypto Hackers Steal 1.38 Billion

According to the official report, hackers had stolen $1.38 billion as of June 24, compared with $657 million lost to hacks and exploits during the same period in 2023.

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“More money was stolen during each of the first six months of 2024 than in the corresponding months in 2023, with the median hack 150% larger. However, thefts from hacks and exploits are a third below the same period in 2022, which remains a record year.” The report read.

Japanese crypto exchange DMM Bitcoin suffered the biggest hack, losing over 4,500 BTC (valued at $300M at the time of the incident) on May 31.

While the researchers “observed no fundamental changes” in the crypto ecosystem’s security, they noted “higher average token prices” in the last six months compared to the same period last year.

Per the report, this likely contributed to the increased theft volumes.

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Stay updated on the Evolve Bank’s alleged hacking incident:
Did Evolve Bank Know About Hack Weeks Before Alerting Users?

Read how Alex Lab blamed a North Korean hacking consortium for a recent security incident:
Alex Lab Blames North Korea’s Lazarus Group for $4M Exploit

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.