Hacks and exploits on cryptocurrency exchanges rise, with twice as much money stolen in the first half of 2024 compared to the same period in 2023, according to TRM Labs.
In a new report, TRM discovered that hackers who focus on crypto fairs between January 1 and June 24, 2024 $ 1.38 billion stable.
However, this remains far below the record-breaking 2022 numbers, which reached $ 2 billion in June and was almost $ 4 billion at the end of the year.
Higher average token prices probably cause an increase
In 2024, a few major attacks were responsible for most losses, with the top five hacks and exploits being good for 70% of the total stolen amount. This is tailored to what happened in 2023.
Although the TRM researchers cannot explain the increase in 2024 with a change in the threat landscape, they assessed that it could result from a considerably higher average token prices compared to this period in 2023. “This will probably have contributed to the increased theft volumes,” they added.
The top attack vectors are a private key and seed -crompromises, smart contract exploits and flash loan attacks.
The largest crypto robbery of 2024 was included in May, when DMM Bitcoin, a Japanese cryptocurrency exchange, an attack suffered, which resulted in the theft of more than 4,500 BTC, at that time appreciated by more than $ 300 million.
The TRM researchers noticed: “Although the exact cause of the attack remains unknown, potential vectors stolen private keys or address poisoning -a tactic in which attackers send small amounts of cryptocurrency to the wallet of a victim to create fake transaction in the future.
TRM Labs’ Crypto Theft Restrictions Records
To protect itself against this crypto robbery, TRM Labs ordered Crypto projects to implement the following measures:
- Perform regular security audits
- Implement robust coding
- Use multi-signature portfolios
- Courageously safe coding practices
- Offer premiums for the return of stolen funds
“Moreover, it is crucial to stay up to date with the latest threats, the training of employees and promoting a security-conscious culture,” concluded the TRM researchers.
Read more: More than $ 1 billion in cryptocurrency lost from web3 -cyber incidents in 2024