Value of crypto stolen via hacks ‘doubles’, finds new report

The amount of cryptocurrency stolen globally doubled in the first half of 2024, according to new research from blockchain intelligence firm TRM Labs.

The report says that hackers have stolen $1.38 billion this year so far compared to $675 million in the first six months of 2023.

Five large attacks account for 70 per cent of the total amount stolen, while the median hack was 150 per cent larger than last year.

While figures for the first half of 2024 are high, theft from hacks and exploits are still a third below the same period of 2022, which was a “record” year.

The study said with the past six months having “significantly higher than average” token prices compared to the previous year, this could be the reason for the increased volume of theft.

TRM explained that it has not seen fundamental changes in the security of the cryptocurrency ecosystem that would account for the upward trend, adding that there was no significant difference in the number of attacks between the two years.

The report outlined the case of DMM Bitcoin, a cryptocurrency exchange in Japan which had suffered the largest attack so far this year. While the exact cause of the attack remains unknown, the report said that potential reasons behind the theft included stolen private keys or address poisoning, which involves attackers sending small amounts of cryptocurrency to a victim’s wallet to create fake transaction history and potentially confusing users into sending funds to the wrong address in future transactions.



Share Story:

Recent Stories


Safeguarding economies: DNFBPs' role in AML and CTF compliance explained
Join FStech editor Jonathan Easton, NICE Actimize's Adam McLaughlin and Graham Mackenzie of the Law Society of Scotland as they look at the role Designated Non-Financial Businesses and Professions (DNFBPs) play in the financial sector, and the challenges they face in complying with anti-money laundering and counter-terrorist financing regulations.

Ransomware and beyond: Enhancing cyber threat awareness in the financial sector
Join FStech editor Jonathan Easton and Proofpoint cybersecurity strategist Matt Cooke as they discuss the findings of the State of the Phish 2023 report, diving into key topics such as awareness of cyber threats, the sophisticated techniques being used by criminals to target the financial sector, and how financial institutions can take a proactive approach to educating both their employees and their customers.

Click here to read the 2023 State of the Phish report from Proofpoint.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.

Future of Planning, Budgeting, Forecasting, and Reporting
Sage Intacct is excited to present FSN The Modern Finance Forum’s “Future of Planning, Budgeting, Forecasting, and Reporting Global Survey 2022” results. With participation from 450 companies around the globe, the survey results highlight how organisations are developing their core financial processes by 2030.