Cyber Heists Reach New Heights in 2024

Hackers stole more than double the amount of crypto assets in the first half of 2024 compared to the same period last year.

According to a new report from blockchain intelligence firm TRM, cybercriminals siphoned an eye-watering $1.38 billion worth of crypto assets from January to June 24th.

In stark contrast, bad actors stole $657 million worth of crypto over the same timeframe in 2023. This sharp increase has raised alarms in the crypto community. TRM points out that the top five hacks and exploits are responsible for a staggering 70% of the stolen assets in the first six months of 2024.

Top Attack Vectors

"Private key and seed phrase compromises remain a top attack vector in 2024," the report states, alongside smart contract exploits and flash loan attacks. These methods continue to be the primary tools in a hacker's arsenal.

DMM Bitcoin: The Biggest Heist

The most significant attack so far this year targeted 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 it suggests that hackers may have accessed the funds by using stolen private keys or address poisoning.

Address poisoning usually involves a scammer sending a wallet a tiny amount of crypto via an address designed to look similar to the recipient's wallet.

The ploy is designed to trick wallet owners into mistakenly copying the scammer's address from their transaction history and having funds sent to that wallet instead.

"The top five hacks and exploits are responsible for 70% of the stolen crypto assets in the first six months of 2024."

Rising Token Prices Fuel Thefts

TRM also notes that the increase in token prices over the past six months may have contributed to the rise in crypto theft volume. As the value of digital currencies surged, so did the allure for cybercriminals looking to make a quick profit.

While the amount looted from crypto saw a significant climb this year, TRM notes that the volume is still well below the record-high witnessed in 2022.

"Thefts from hacks and exploits are a third below the same period in 2022, which remains a record year," the report concludes.

The crypto community is now on high alert, with many calling for enhanced security measures to combat this growing threat. As the industry continues to grow, so does the need for robust defenses against increasingly sophisticated cyber attacks.