Bitcoin, Ethereum, and Other Cryptocurrency Thefts Hit $1.38 Billion in First Half of 2024, Nearly Double Last Year: Report

In a recent revelation from a blockchain research firm TRM LaboratoriesCryptocurrency thefts saw a drastic increase in the first half of 2024, amounting to $1.38 billion.

What happened:The volume of stolen cryptocurrency, such as Bitcoin, Ethereum (CRYPTO: Ether) and Dogecoin DOGE/USD, in the first half of 2024 doubled compared to the same period in 2023, CNBC reported The TRM Labs report found that hackers stole $1.38 billion in cryptocurrency from January 1 to June 24, a significant increase from the $657 million stolen during the same period a year ago.

The five largest hacks accounted for 70% of the total amount stolen in the first half of 2024. The largest theft involved more than $300 million. Bitcoin BTC/USD from Japanese crypto exchange Bitcoin DMM.

Despite the constant number of attacks, the report notes that the security of the crypto ecosystem has not seen any significant changes that could have led to an increase in thefts. However, the company pointed out that the rise in cryptocurrency prices in the first half of 2024 may have contributed to the increase in the value of stolen cryptocurrencies.

Cryptocurrency businesses are advised to adopt a multi-layered defense strategy, including regular security audits and strong encryption, to combat hacks and exploits. TRM Labs also recommends training employees and implementing a comprehensive incident response strategy.

See also: Peter Schiff Says Bitcoin ETF Buyers Are ‘HODLing’ Amid Crypto King’s Fall, But Warns ‘Much Bigger Drop… Could Come as Soon as Next Week’

Why is this important?: Earlier this year, Phishers stole $47 million in crypto, mainly via fake accounts on Elon MuskSocial media platform of X. Victims were mainly lured to phishing websites through comments posted by impersonator accounts on X.

In May, the popular Web3 game Gala Games has been hackedresulting in a loss of $214 million. The hacker exploited a vulnerability on the platform and created 5 billion GALA tokens, which were worth $214 million at the time of exploitation.

The flight of Bitcoin Mining Machines also made headlines in July. Jameson Loppa Bitcoin advocate, highlighted two major operations involving the theft of Bitcoin mining equipment, calling into question the thieves’ goals.

Read more :

Image via Shutterstock

This story was generated using Benzinga Neuro and edited by Pooja Rajkumari

Source