Cryptocurrency is booming, but so is the threat of theft. Hackers are getting bolder, and the amount of money they’re stealing is skyrocketing.
More Money Stolen, More Hacks?
In the first seven months of 2024, hackers have stolen a whopping $1.6 billion worth of crypto. That’s almost double what was stolen in the same period last year. While the number of hacks has only increased slightly (from 145 to 149), the amount of money stolen in each hack has gone way up.
Why Are Hackers So Successful?
One big reason for the increase in stolen funds is the rise in crypto prices. Bitcoin, for example, has gone up by 38% this year, making it a more valuable target for hackers.
Asia-Pacific: A Hotspot for Crypto Theft
The Asia-Pacific region has seen some of the biggest crypto heists in recent months. Japanese exchange DMM Bitcoin lost $301 million, and India’s WazirX lost $235 million. These attacks show that even big, established exchanges can be vulnerable.
Centralized Exchanges: The New Target
Hackers are increasingly targeting centralized exchanges (CEXs). These exchanges hold a lot of cryptocurrency and often have weaker security than decentralized finance (DeFi) platforms.
North Korea: A Major Player in Crypto Theft
North Korea is suspected of being behind many of these large-scale crypto heists. They’re using increasingly sophisticated techniques to steal crypto, like social engineering.
The Future of Crypto Security
The crypto market is still relatively young, and security is a big concern. While DeFi platforms have improved their security, CEXs need to step up their game to protect their users and their assets.
