Cybercriminals made a fortune stealing cryptocurrencies in the first half of the year. The latest report from TRM Labs shows that by June 24, 2024, attackers had made the equivalent. 1.38 billion dollars in tokens. The figure was a significant increase from the same period last year, with the amount of money stolen at the exchange rate at the time being around $657 million.

The security firm, which specialises in crypto crime, explains that most of the loot is the product of a small number of large attacks, and that this has been the case for some time. In this case, the top five thefts represent 70% of the amount stolen by cybercriminals in the first six months of 2024, a remarkable percentage with a significant number of victims.

Japanese stock market most affected

DMM Bitcoin is stated by TRM Labs as the Bitcoin that was most affected by the period covered in its report. This Tokyo-based cryptocurrency exchange witnessed how last May was more 300 million dollars In the midst of a security incident. Chainalation firm described the episode as the seventh largest attack on cryptocurrency platforms in history.

The Japanese exchange was quick to issue a statement announcing that an “unauthorized exfiltration” of assets had been detected. As a result, it restricted the use of its platform to prevent cybercriminals from further harming it. In any case, it has become a nightmare for users who are unable to operate normally despite their funds being theoretically “guaranteed.”

DMM Bitcoin, which is still investigating the causes of the incident, promised its customers that it would get the money back, but this will not happen immediately. The company was forced to leave borrowed money to its parent company’s other companies to respond to the theft. All of this is under scrutiny by the Japan Financial Services Agency, which is demanding details from customers about the compensation process.

TRM Labs adds that more money was stolen in each of the first six months of 2024 than in the corresponding months of 2023, but the general rise in cryptocurrency prices also comes into play in the statistics. The tokens have long since recovered from the lows they reached when, for example, Sam Bankman Fried’s FTX exchange crashed.

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