- Surge in Thefts: Cryptocurrency thefts surged in the first half of 2024, with over $1.38 billion stolen by June 24, compared to $657 million in the same period of 2023, driven by a few large-scale attacks and rising crypto prices.
- Major Incidents: One of the largest thefts involved $308 million worth of bitcoin stolen from the Japanese exchange DMM Bitcoin, highlighting the continued vulnerability of crypto services despite improved security measures.
- Historical Context: In 2022, around $900 million in cryptocurrency was stolen, including a major $600 million theft linked to North Korean hackers, who allegedly use cyberattacks to fund their nuclear and missile programs, though North Korea denies such activities.
The first half of 2024 witnessed a dramatic rise in cryptocurrency thefts, with over $1.38 billion stolen by June 24, compared to $657 million during the same period in 2023, according to blockchain researchers at TRM Labs. This surge in stolen crypto, driven by a few large-scale attacks and rising crypto prices, underscores the increasing motivation among cybercriminals. Ari Redbord, global head of policy at TRM Labs, remarked that while the security of the crypto ecosystem has not fundamentally changed, the higher value of various tokens has made crypto services more appealing targets.
One of the year’s largest thefts involved $308 million worth of bitcoin stolen from the Japanese exchange DMM Bitcoin. Although large-scale losses remain relatively rare, cryptocurrency companies frequently face hacks and cyberattacks. The rise in thefts coincides with a rebound in crypto prices from the lows following the 2022 collapse of FTX, with bitcoin reaching an all-time high of $73,803.25 in March.
In 2022, approximately $900 million in cryptocurrency was stolen, partly due to a significant $600 million theft from a blockchain network linked to the game Axie Infinity. The US has attributed that theft to North Korean hackers, who the UN has accused of using cyberattacks to fund its nuclear and missile programs. However, North Korea has denied any involvement in hacking activities.
