Crypto hacks have reportedly more than doubled in the first seven months of 2024, with stolen funds reaching $1.6 billion, according to blockchain analytics firm Chainalysis, as reported by Bloomberg. While the number of hacks only increased slightly from 145 to 149, the value of stolen funds skyrocketed due to the surge in digital asset prices.
Bitcoin, which saw a record high of nearly $74,000 in March 2024, accounted for 40% of the stolen funds.The cryptocurrency‘s price has increased by 38% this year, contributing significantly to the overall value of stolen cryptocurrencies.
Crypto thefts raise fears
After a record $3.7 billion in crypto thefts in 2022, the amount dropped to $1.7 billion in 2023. However, this year’s surge has raised concerns about the security of crypto exchanges and platforms.
The Asia-Pacific region has been particularly targeted, with major exchanges like DMM Bitcoin and WazirX suffering significant losses. These incidents highlight the growing sophistication of hacking groups, including those linked to North Korea, which are increasingly using social engineering tactics to gain access to crypto platforms.
India’s biggest Crypto exchange saw hacker attack in early July. The attack resulted in the company losing cryptocurrency worth $230 million, almost half its reserve.
Bitcoin, which saw a record high of nearly $74,000 in March 2024, accounted for 40% of the stolen funds.The cryptocurrency‘s price has increased by 38% this year, contributing significantly to the overall value of stolen cryptocurrencies.
Crypto thefts raise fears
After a record $3.7 billion in crypto thefts in 2022, the amount dropped to $1.7 billion in 2023. However, this year’s surge has raised concerns about the security of crypto exchanges and platforms.
The Asia-Pacific region has been particularly targeted, with major exchanges like DMM Bitcoin and WazirX suffering significant losses. These incidents highlight the growing sophistication of hacking groups, including those linked to North Korea, which are increasingly using social engineering tactics to gain access to crypto platforms.
India’s biggest Crypto exchange saw hacker attack in early July. The attack resulted in the company losing cryptocurrency worth $230 million, almost half its reserve.
