Cryptocurrency Holders Face $664 Million in Losses Due to Hacking Activities
In the first half of 2024, cryptocurrency holders experienced significant losses amounting to $664 million as a result of criminal activities by hackers. DefiLlama, an analytical platform, reported that this figure represents an increase of more than 50% compared to the same period in 2023.
Changing Landscape of Cybercrime
Phishing attacks and compromises of private keys were responsible for the largest losses. The methods employed by hackers have evolved over time, with a shift towards solo hackers utilizing darknet forums to access info-stealers — malicious software designed to steal sensitive financial information, including crypto wallets and private keys.
Rise of Open-Source Hacking Tools
Omer Sadik, CEO of dWallet Labs, a blockchain security company, highlighted the increased accessibility of open-source hacking tools, making it easier for inexperienced hackers to carry out attacks. This trend has led to a surge in both the scale and frequency of cyber attacks.
Urgent Need for Enhanced Security Measures
Recent high-profile cryptocurrency thefts, such as the $305 million stolen from the bitcoin exchange DMM, underline the growing threat to digital assets. It is imperative for cryptocurrency holders to implement robust security measures to protect their investments from cybercriminals.
