yolowire.com - Thefts of Cryptocurrency more than doubled in this year’s first half to $1.38 billion U.S., according to an analysis by TRM, a Blockchain intelligence company.
In all of 2023, criminals stole a total of $1.70 billion U.S. in crypto. This year is on track to surpass that figure as digital assets become increasingly attractive to hackers.
Criminals are exploiting vulnerabilities such as private keys, smart contracts and flash loans to access and steal crypto on an unprecedented scale, says TRM.
Frequently, malware is used to capture transaction data or gain access to a person's private keys or user credentials.
Criminals also increasingly target Bitcoin (CRYPTO: BTC) ATM machines, installing skimming devices on them like they do conventional bank machines.
Despite the rising incidence of crypto thefts, this year did not surpass the record $2 billion U.S. of digital assets that was stolen worldwide during the first half of 2022.
TRM also notes that three-quarters (75%) of the stolen crypto this year resulted from five large security breaches.
Crypto thefts tend to increase when prices are rising. TRM said that Bitcoin thefts spiked in this year’s first quarter as the price of the biggest crypto hit an all-time high near $74,000 U.S.