Cryptocurrency thefts in the first half of 2024 more than doubled from the previous year, driven by rising crypto prices and large-scale attacks, with over RM6.44 billion stolen. Despite no fundamental changes in security, the increased value of tokens has made cybercriminals more motivated.
5 July 2024 – According to blockchain researchers TRM Labs, the global amount of cryptocurrency stolen in hacks more than doubled in the first six months of 2024 compared to the same period the previous year. This surge is attributed to a few large-scale attacks and rising cryptocurrency prices. By June 24, 2024, hackers had stolen over USD1.4 billion (about RM6.44 billion) worth of cryptocurrency, up from USD657 million (about RM3.07 billion) in the first half of 2023, TRM Labs reported.
The median theft size increased by 50% from the previous year. Ari Redbord, TRM Labs’ global head of policy, noted that while the fundamental security of the cryptocurrency ecosystem has not changed, the increased value of various tokens, including Bitcoin, Ethereum (ETH), and Solana, has made cybercriminals more motivated and able to steal larger amounts. Cryptocurrency prices have generally rebounded from the lows seen in late 2022 following the collapse of Sam Bankman-Fried’s crypto exchange, FTX, with Bitcoin reaching an all-time high of USD73,803.25 (about RM344,661.18) in March 2024.
One of the most significant crypto thefts this year was the approximately RM1.44 billion worth of Bitcoin stolen from the Japanese crypto exchange DMM Bitcoin in what the company described as an “unauthorized leak.” While large-scale losses like this are uncommon, cryptocurrency companies frequently face hacks and cyberattacks.
In 2022, the volume of stolen cryptocurrency was around USD900 million (about RM4.20 billion), partly due to over USD600 million (about RM2.80 billion) stolen from a blockchain network associated with the online game Axie Infinity. U.S. authorities have linked North Korean hackers to that theft. The United Nations has accused North Korea of using cyberattacks to fund its nuclear and missile programs, though North Korea has denied involvement in such activities.
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