Crypto Theft Surges 80 Percent in First Seven Months of 2024

Losses from cryptocurrency thefts have surged in the first half of the year as hackers once again focused on exploiting centralized exchanges “with greater frequency,” according to a report from blockchain analysis firm Chainalysis. While overall illicit cryptocurrency activity declined by nearly 20 percent in the first seven months, two categories had an increase—stolen funds and ransomware, said the Aug. 15 report. Stolen funds had the largest gain, with $1.58 billion already appropriated by criminals in the January to July period, around 84.4 percent higher than 2023. “After a 50 percent drawdown in crypto value stolen in 2023 compared to 2022, this year has seen a resurgence of hacking activity,” said the report....