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Cryptocurrency theft doubles to $1.38 billion
Quick dive:
- According to a recent report by blockchain intelligence company TRM.
- Similar to 2023, a small number of large attacks accounted for the lion’s share of the thefts, with the top five cyberattacks and exploits accounting for 70 percent of the total amount stolen as of June 24, the research found.
- “More money was stolen during each of the first six months of 2024 than in the corresponding months of 2023,” the report said. TRM said it has so far observed no fundamental changes in cryptocurrency market security that could explain the trend, although it has noted an increase in token prices.
Further information:
The number of large businesses using cryptocurrency, a digital medium of exchange, for payments, stored value, or collateral will rise to at least 20% this yearaccording to a Gartner forecast for 2022.
Since the creation of bitcoin in 2009, cryptocurrencies have enjoyed enormous popularity and are now collectively worth more than $1 trillion, according to an article published by the Council on Foreign Relations in January. Governments around the world are grappling with cryptocurrency-related challenges, including concerns about criminal activity, consumer protection and high levels of currency volatility, the report says.
In May, Japanese cryptocurrency exchange DMM Bitcoin suffered a theft of over $300 million worth of bitcoin, marking the largest cryptocurrency-related attack so far in 2024, according to a report by TRM.
Despite an increase in stolen money in the first half of this year compared to last year, the value of the theft is still one-third lower than in the same six-month period in 2022, when such thefts set an annual record, the report says.