Dive Brief:

• Hackers stole $1.38 billion in cryptocurrency during the first half of the year, which is about twice the amount stolen during the same period in 2023, according to a recent report from blockchain intelligence firm TRM.
• Similar to 2023, a small number of large attacks made up the lion’s share of the thefts, with the top five hacks and exploits accounting for 70% of the total amount stolen as of June 24, according to the research.
• “More money was stolen during each of the first six months of 2024 than in the corresponding months in 2023,” the report said. TRM said it has so far observed no fundamental changes in the security of the cryptocurrency market that may explain the trend, though it noted an increase in token prices.

Dive Insight:

The number of large enterprises using cryptocurrency — a digital means of exchange — for payment, stored value or collateral will rise to at least 20% this year, according to a 2022 prediction by Gartner.

Since the creation of bitcoin in 2009, cryptocurrencies have exploded in popularity and are today collectively worth more than $1 trillion, according to an article published by the Council on Foreign Relations in January. Governments worldwide are grappling with challenges related to cryptocurrencies, including concerns over criminal activity, consumer protection and high levels of currency volatility, the report said. 

In May, Japanese cryptocurrency exchange DMM Bitcoin suffered a theft of bitcoin worth over $300 million at the time, marking the largest cryptocurrency-related attack so far in 2024, according to TRM’s report.

Despite the rise in stolen money for the first half of this year, relative to last year, the theft value is still a third lower than for the same six-month period in 2022, when such thefts set a annual record, the report said.