Cryptocurrency Hackers Looted $1.38 Billion in First Half of 2023

IconCryptoNewsTerminal Staff05 Jul, 2024

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Cryptocurrency Hackers Looted $1.38 Billion in First Half of 2023

Cryptocurrency hacking has been on a rise recently and it has shown no signs of slowing down. According to a report by blockchain analysis firm TRM Labs, the value of cryptocurrencies stolen in hacks in the first half of this year was $1.38 billion. This is more than double the first half of last year, but lower than the $2 billion in the first half of 2022. The report found that five major incidents of cryptocurrency hacking occurred in the first half of this year, accounting for 70% of all stolen cryptocurrencies. These incidents include the $300 million hack of the DMM Bitcoin exchange in Japan, the $190 million hack of the Nomad bridge, and the $160 million hack of the Harmony bridge. TRM Labs also found that the amount of theft damage tends to increase as the price of cryptocurrencies rises. This is because hackers are more likely to target exchanges and other platforms that hold large amounts of cryptocurrency. The cryptocurrency industry has been taking steps to improve security, but it is clear that more needs to be done. Exchanges and other platforms should invest in more robust security measures, and users should be careful about how they store their cryptocurrency.

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