According to TRM Labs, crypto-hackers are increasing day by day in 2024 and have stolen $1.38 billion through cryptocurrency hacks so far. The amount of stolen money is expected to double by the end of this year, reports have shown. TRM Labs says that about 70% of this stolen amount is due to five major attacks.
Even though $1.38 billion is significant, it is not as much as the $2 billion stolen in crypto in 2022. However, $1.38 billion is still double the amount stolen in crypto in 2023. These stats are reported by Bloomberg. There are several reasons why crypto is being stolen at such a high rate. The primary reason is unauthorized access to seed codes and private keys. Flash loan attacks and contract exploits also contribute to crypto theft.
TRM Labs also says that crypto security hasn’t changed, indicating the cause doesn’t lie in the security itself. Between the first half of 2023 and 2024, there hasn’t been much difference in the types or number of attacks. The group suggests that another reason for the increase in crypto theft could be higher token prices in 2024 compared to 2023. The largest attack in 2024 involved the theft of $300 million in bitcoin from DMM Bitcoin, a Japanese crypto exchange company. The cause of the attack is still unknown.
Image: DIW-Aigen
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Even though $1.38 billion is significant, it is not as much as the $2 billion stolen in crypto in 2022. However, $1.38 billion is still double the amount stolen in crypto in 2023. These stats are reported by Bloomberg. There are several reasons why crypto is being stolen at such a high rate. The primary reason is unauthorized access to seed codes and private keys. Flash loan attacks and contract exploits also contribute to crypto theft.
TRM Labs also says that crypto security hasn’t changed, indicating the cause doesn’t lie in the security itself. Between the first half of 2023 and 2024, there hasn’t been much difference in the types or number of attacks. The group suggests that another reason for the increase in crypto theft could be higher token prices in 2024 compared to 2023. The largest attack in 2024 involved the theft of $300 million in bitcoin from DMM Bitcoin, a Japanese crypto exchange company. The cause of the attack is still unknown.
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