Hackers managed to steal a significant amount of crypto assets in the first half of 2024, doubling the amount stolen compared to the same period last year, as reported by blockchain intelligence firm TRM.

According to TRM’s latest findings, cybercriminals were able to siphon off $1.38 billion worth of crypto assets through hacks and network exploits from January to June 24th of this year. This is a stark comparison to the $657 million stolen over the same timeframe in the previous year.

TRM highlights that the top five hacks and exploits accounted for 70% of the total stolen crypto assets in the first six months of 2024. The report emphasizes that compromising private keys and seed phrases, along with smart contract exploits and flash loan attacks, remain key attack vectors this year.

The largest attack recorded so far is the DMM Bitcoin incident, where the Tokyo-based cryptocurrency exchange lost 4,500 Bitcoin valued at over $300 million in May. TRM suggests that the exact cause of this exploit is still unknown, but suspects that hackers may have gained access to the funds by using stolen private keys or address poisoning techniques.

Address poisoning involves scammers sending a small amount of crypto to a wallet through an address that appears similar to the recipient’s wallet. This deceptive tactic aims to trick wallet owners into sending funds to the scammer’s wallet by mistake.

TRM also connects the rise in crypto theft volume to the increase in token prices over the last six months. Despite the significant increase in stolen crypto this year, TRM notes that the volume is still lower than the record-high observed in 2022.

While hacks and exploits have resulted in higher theft volumes, TRM highlights that the thefts are still lower compared to the same period in 2022, which was a record year for crypto theft.

Last month, blockchain security firm SlowMist cautioned about a surge in scams targeting Toncoin (TON) users on Telegram. Scammers are reportedly using phishing links and fake airdrops in groups to deceive users and steal from their wallets.

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