Constellation Research founder R. “Ray” Wang appeared on “Varney & Co.” to discuss the upcoming Ethereum ETF and its potential impact on the economy.
TRM Labs recently found that cryptocurrency hackers stole $1.38 billion in the first half of 2024.
This total represents a 110% increase from the amount swiped in the first half of 2023. According to blockchain information companyIn the first half of last year, it was $657 million.
In its analysis, TRM Labs said that “an increase in average token prices” likely contributed to the surge in stolen cryptocurrencies.
For example, the prices of popular cryptocurrencies such as Bitcoin and Ethereum have increased by around 87% and 65%, respectively.
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In a report, the blockchain intelligence company noted that it had not observed any “fundamental changes in the security of the cryptocurrency ecosystem” or “significant differences” in the frequency or methods of attacks compared to the first six months of 2023.
This illustration was taken on January 24, 2022, and shows a representation of cryptocurrency. (Reuters/Dado Ruvic/Illustration/Reuters)
According to TRM Labs, hackers most frequently relied on compromising private keys and seed phrases when stealing cryptocurrency in the first half of 2024. The blockchain intelligence firm also identified the frequent use of smart contract exploits, flash loan attacks, and other tactics.
According to the TRM investigation, more than three-quarters of the $1.38 billion stolen by cryptocurrency hackers between Jan. 1 and June 24 was linked to five incidents, including the $300 million loss suffered by DMM Bitcoin a few months ago.
“Not surprisingly, the recent TRM Labs report is a stark reminder that the crypto industry needs to do more to fill holes that exist across the blockchain ecosystem,” Greg Johnson, CEO of Rubicon Digital Assets, told FOX Business. “While the recovery in cryptocurrency prices plays a large role in the year-over-year increase in cyber attacks, the risk of individual and nation-state sponsored cybercriminal activity remains the biggest threat to all crypto participants.”
The hacker sits behind a monitor in a room. (iStock/iStock)
According to an analysis by TRM Labs, approximately $2 billion in cryptocurrency thefts were recorded in 2022 from January to June.
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According to Elliptic’s Tom Robinson, cryptocurrency users continue to face the threat of theft “in part because it is a relatively immature technology.”
“The hackers found a flaw in the smart contracts used by many services, which they exploited,” he explained. “But cryptocurrencies are traceable, and in some circumstances investigators can ‘follow the money’ and recover stolen assets.”
Meanwhile, Eric Jardine, cybercrime research lead at blockchain analytics firm Chainalysis, told Fox Business that his firm “continues to see hacking and money laundering techniques typical of North Korea-related attacks” in the crypto space.
hacker (Annette Riedl/Photo Alliance via Getty Images/Getty Images)
“One change we’ve observed this year is the typology of victims. In previous years, attackers targeted DeFi services, but we’re seeing a resurgence in hacks of centralized exchanges,” he said in a statement. “We’re also seeing early indications that new uses for crypto, such as crypto gaming services, tokenization of real-world assets, and decentralized AI platforms, are not escaping hackers, and that if these use cases continue to grow, they may become popular targets for malicious activity.”
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In a separate report in January, Chainalysis revealed that around $1.7 billion worth of cryptocurrency was stolen by hackers over the last year.
