Cybercrime in the crypto sector has surged, with hackers stealing nearly $1.38 billion in the first half of 2024. This amount almost doubles the $657 million stolen during the same period in 2023, as reported by TRM Labs.
The most significant breach occurred in May when DMM Bitcoin, a Japanese crypto exchange, lost over 4,500 BTC, valued at over $300 million. This incident highlights the ongoing vulnerability due to “stolen private keys or address poisoning,” alongside smart contract exploits and flash loan attacks.
Each month in 2024 has seen higher theft volumes than the corresponding months in 2023. Despite this, thefts are still a third below the record levels of 2022. Phishing scams also rose, with scammers making over $300 million across EVM chains, a 6.44% increase from 2023.
This significant rise in crypto thefts underscores the urgent need for enhanced security measures in the industry.
