Crypto theft has surged in the first six months of 2024, now reaching $1.38 billion, which is more than double the amount stolen in 2023, according to recent data from TRM, a blockchain intelligence company.
Last year, criminals stole a total of $1.7 billion from crypto users, but this year’s figures are already set to surpass that amount. Hackers have targeted private keys and seed phrases to access wallets, along with attacks on smart contracts and flash loans. Once a wallet is compromised, recovering stolen funds is extremely challenging, noted Vatom CEO Eric Pulier to TheStreet Crypto.
“It can be highly profitable for criminals to exploit bitcoin ATMs by deceiving users and gaining access to their funds,” Pulier added. Hackers might capture transaction data via malware or access private keys and credentials. Bitcoin ATMs are a popular target, often subject to skimming devices similar to traditional ATMs. Sophisticated hackers may also use remote access Trojans to manipulate transactions and steal funds remotely.
Despite the significant amount stolen this year, it has not yet surpassed the $2 billion stolen in the first half of 2022. Notably, nearly three-quarters of this year’s stolen crypto came from just five incidents, suggesting that criminals are targeting larger volumes in fewer attacks.
One contributing factor to the rise in bitcoin theft this year, as highlighted by TRM, is the elevated price of bitcoin since the introduction of the first spot bitcoin exchange-traded funds (ETFs) in January. Bitcoin reached new highs this year, surpassing $73,000 in the spring.
