In the first half of 2024, the value of stolen crypto increased to $1.38 billion, according to a research firm.

• In the first six months of 2021, hackers stole $1.38 billion worth of cryptocurrency, which is more than double the amount stolen in the same period in 2020.
• Top attack vectors in 2024 include private key and seed phrase compromises.
• This year's largest heist, worth over $300 million, targeted DMM Bitcoin, a Japanese crypto exchange.

In the first half of 2024, hackers more than doubled their cryptocurrency gains compared to the same period in the previous year, according to a report from blockchain research firm TRM Labs.

In the first half of this year, $1.38 billion worth of crypto was looted, which is more than twice the amount stolen in the same period last year. As in the past, a few large attacks led to the increase in plundered crypto, with the top five hacks accounting for 70% of the amount stolen.

In 2024, the top attack vectors are expected to be compromises of private key and seed phrase, which is a sequence of random words used to access or recover a crypto wallet, according to TRM Labs.

This year's largest heist, worth over $300 million, targeted DMM Bitcoin, a Japanese crypto exchange.

Attackers used either stolen private keys or address poisoning to trick victims into sending funds to the wrong wallet.

It is challenging to remember or input crypto addresses, which are long and intricate sequences of characters.

The crypto ecosystem's security has not undergone significant changes that could have led to the increase in amount stolen, according to TRM Labs. The number of attacks and attack vectors remained relatively constant year over year.

The higher average crypto prices in the first half of the year may have contributed to the higher value of stolen crypto, as the firm observed.

Crypto companies have been frequent targets for hacks and cyberattacks.

In 2014, Mt. Gox, a crypto exchange, declared bankruptcy following a sequence of hacks that resulted in the loss of up to 950,000 bitcoin, valued at over $54 billion at present prices.

In November, approximately $115 million was stolen from HTX exchange and Heco Chain, two crypto platforms associated with prominent entrepreneur Justin Sun.

TRM Labs stated that crypto firms can defend against hacks and exploits by implementing a multi-layered defense strategy, which includes measures such as regular security audits and strong encryption.

Implementing a comprehensive incident response strategy and educating employees can safeguard companies.