Cryptocurrency Thefts Surge to $1.38 Billion in First Half of 2024

A new report from blockchain research firm TRM Labs has unveiled a startling increase in cryptocurrency theft, with hackers more than doubling their illicit gains in the first half of 2024 compared to the same period last year. Crypto crooks have stolen an astounding $1.38 billion so far this year.

CNBC reports that the cryptocurrency world has been rocked by a dramatic surge in successful hacking attempts, according to a recent report from TRM Labs. The blockchain research firm’s findings reveal that between January 1 and June 24, 2024, cybercriminals managed to pilfer a staggering $1.38 billion worth of digital assets. This figure represents more than twice the amount stolen during the same timeframe in 2023, which stood at $657 million.

The report highlights a concerning trend in the crypto space, where a small number of large-scale attacks are responsible for the lion’s share of stolen funds. In fact, the top five hacks alone accounted for a whopping 70 percent of the total amount stolen in the first half of this year. This concentration of high-value thefts underscores the sophisticated nature of these cyber attacks and the potential vulnerabilities in even well-established cryptocurrency platforms.