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Cryptocurrency cyberattacks double in first half of year, surpassing $1.38 trillion, blockchain intelligence firm says
According to blockchain intelligence firm TRM, hackers stole more than double the amount of cryptocurrency in the first half of 2024 compared to the same period last year.
In a new relationshipTRM says that from January to June 24 of this year, cybercriminals stole $1.38 billion in cryptocurrency through cyberattacks and network exploits.
For comparison, in the same period last year, attackers stole $657 million in cryptocurrency.
TRM says the top five cyberattacks and exploits account for 70% of cryptocurrency stolen in the first six months of 2024.
“Private key and seed phrase compromises remain a major attack vector in 2024, alongside smart contract exploits and flash loan attacks.”
Blockchain intelligence firm notes that the largest attack so far is on DMM Bitcoin. In May, the Tokyo-based cryptocurrency exchange lost 4,500 Bitcoin (BTC) worth over $300 million at the time of the incident. TRM says the exact cause of the exploit is still unknown, but notes that hackers may have accessed the funds using stolen private keys or through address poisoning.
Address poisoning typically involves a scammer sending a small amount of cryptocurrency to a wallet via an address designed to look like the recipient’s wallet. The ploy is designed to trick wallet owners into accidentally copying the scammer’s address from their transaction history and having the funds sent to that wallet.
TRM also says that the increase in token prices over the past six months may have contributed to the increase in cryptocurrency theft volume.
While the amount stolen from cryptocurrencies has seen a significant increase this year, TRM notes that the volume is still well below the record set in 2022.
“However, thefts resulting from cyber attacks and exploits are a third lower than in the same period in 2022, which remains a record year.
Source: TRM
Last month, blockchain security firm SlowMist reportedly reported warned on the increase in scams targeting Toncoin (TONNE) users on the Telegram messaging app. Scammers are said to be spreading phishing links through groups and using deceptive tactics like fake airdrops to steal from users’ wallets.
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