Crypto hackers have already stolen almost $1.4 billion this year

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.

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