Crypto theft doubles to $1.38B in 2024’s first half

Hackers stole $1.38 billion in cryptocurrency during the first half of the year, about twice the amount stolen during the same period in 2023, according to a recent report from blockchain intelligence firm TRM. 

Similar to 2023, a small number of large attacks made up the lion’s share of the thefts, with the top five hacks and exploits accounting for 70% of the total amount stolen as of June 24, according to the research. 

TRM said it has so far observed no fundamental changes in the security of the cryptocurrency market that may explain the trend. “However, the past six months did see significantly higher average token prices compared to this period last year; this is likely to have contributed to the increased theft volumes,” the report said. 

The number of large enterprises using cryptocurrency for payment, stored value or collateral will rise to at least 20% this year, highlighting a trend that poses new financial risk management challenges for organizations and their CFOs, according to a 2022 prediction by Gartner. 

Since Bitcoin’s launch in 2009, cryptocurrencies have exploded in popularity and are today collectively worth more than $1 trillion, the Council on Foreign Relations reported in January. Governments worldwide are grappling with challenges related to cryptocurrencies, including concerns over criminal activity, consumer protection and high levels of currency volatility, the report said.  

In May, Japanese cryptocurrency exchange DMM Bitcoin suffered a theft of Bitcoin worth more than $300 million at the time, marking the largest crypto-related attack so far in 2024, according to TRM’s report. 

“More money was stolen during each of the first six months of 2024 than in the corresponding months in 2023, with the median hack 150% larger,” the report said. “However, thefts from hacks and exploits are a third below the same period in 2022, which remains a record year.”