Cryptocurrency thieves have stolen almost $1.4 billion in the first half of this year, according to a report by TRM Labs.
The amount is double that of the first half of 2023 when $657 million was stolen in crypto.
As in 2023, the first half of this year was dominated by a small number of costly attacks, with the top five hacks and exploits accounting for 70% of the total amount stolen.
In May, Japanese cryptocurrency DMM Bitcoin suffered the largest attack of 2024, resulting in the theft of over 4,500 BTC, which was valued at over $300 million at the time.
While the cause of this attack is unknown, like many victims in the last six months, it is speculated that a stolen private key or address poisoning may be the cause.
What is ‘address poisoning’?
Address poisoning occurs when attackers send small amounts of cryptocurrency to a victim’s wallet to create fake transaction histories. They aim to confuse users into sending funds to the wrong address in future transactions.
Hacks and exploits in 2024 are a third below the same period in the record year of 2022.
TRM Labs said in its report: “Crypto projects can protect themselves from hacks and exploits by implementing a multi-layered defence strategy, such as regular security audits, robust encryption, multi-signature wallets, and secure coding practices.”
The firm advised crypto wallet owners to stay up to date on the latest threats, educate employees, and have a comprehensive incident response strategy.
Read more: Navigating the line between crypto surveillance and privacy protection
