Blockchain analysis firm TRM Labs found that hackers doubled their bitcoin gains in the first half of 2024 compared to a year earlier.
The research showed that hackers stole $1.38 billion in crypto between January 1 and June 24, up from $657 million last year, per CNBC. Some significant assaults drove the surge, with the top five hackers accounting for 70% of the stolen funds.
In 2024, TRM Labs identified private key and seed phrase breaches as the top attack vectors. Seed phrases are random words that hold crypto wallet access and recovery information.
The greatest robbery of the year was $300 million in bitcoin from Japanese crypto exchange DMM Bitcoin. Hackers utilized stolen private keys or address poisoning to deceive users into sending coins to the wrong wallet by sending a tiny quantity of crypto from a similar-looking wallet.
Increasing Numbers of Crypto Hacking Incidents
In terms of security, TRM Labs found no major changes in the crypto ecosystem. Attack vectors and numbers remained consistent year after year. However, higher average crypto prices in the early part of the year may have enhanced the value of stolen assets.
Cyberattacks against crypto firms are common nowadays. Justin Sun-affiliated HTX exchange and Heco Chain were robbed of $115 million in November. Crypto exchange Mt. Gox’s 2014 collapse, following breaches that took up to 950,000 bitcoins, illustrates the industry’s weaknesses.
TRM Labs advised crypto businesses to use frequent security audits and strong encryption to defend against hackers and vulnerabilities. Employee training and a robust crisis response strategy may also safeguard firms.
In March 2022, the largest crypto hack ever occurred on the Ronnin network, which underpins the popular Axie Infinity blockchain gaming platform. According to Quartz, the thieves grabbed $625 million in Ethereum and USDC. The theft involved approximately 173,600 ETH and $25.5 million USDC. U.S. officials blamed the Lazarus organization, a North Korea-backed hacker organization, for the heist.
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(Photo : JUSTIN TALLIS/AFP via Getty Images)
An illustration picture taken in London on May 8, 2022, shows gold plated souvenir cryptocurrency Tether (USDT).
Two Russians Charged with Crypto Hacking in The Philippines
In other crypto hacking news, two Russians were accused of hacking a Philippine company’s system and stealing XRP cryptocurrency valued at P340.7 million ($5.8 million).
The Department of Justice charged two former Coins.ph advisor in a court in Taguig City. One defendant faces 23 criminal charges, while the other faces three. Bail is P120,000 ($2,051) per count. according to GMA News.
According to the DOJ, Coins.ph conducts remittance, money transfer, foreign currency exchange, and other financial operations.
Separately, Malta charged a former Crypto.com compliance officer from Singapore with extortion and money laundering. They accused him of using his position to gather secret corporate information and threatening to use it unless the corporation compensated him after his discharge, as reported by TechTimes.
The Maltese court arrested Jose Luis Alonso Melchor. He faces nine counts, including extortion, money laundering, unlawful access to Crypto.com’s systems, and data alteration and disclosure.
Crypto.com fired Melchor for violating an attachment order. After his layoff, Melchor threatened Crypto.com with €44,000 ($47,644) for unlawfully accessing its files.
After his arraignment, Judge Nadia Vella refused Melchor’s bail application, calling him a flight risk. A €2 million ($2.2 million) frozen order awaits him. Crypto.com stated that it is cooperating with authorities in Melchor’s legal case.
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