In this year’s first quarter, hackers stole $542.7 million U.S. worth of %Cryptocurrencies, a 42% increase from the same period in 2023, according to a new report from Merkle Science.
Crypto hacks are on pace for a record setting year in 2024, says Merkle Science, which is a cryptocurrency risk and intelligence platform.
Hackers around the world are growing increasingly sophisticated, moving beyond smart contracts to target vulnerable areas such as private key leaks and insecure storage practices.
Phishing attacks also remain popular, with crypto investors often being duped by fraudulent emails and addresses that look like legitimate ones.
The Merkle Science report adds that hackers are searching out easier targets as smart contracts become more secure.
Smart contract vulnerabilities had previously been among the most targeted cryptocurrency infrastructures by hackers, resulting in $2.6 billion U.S. of stolen digital tokens in 2022.
At the end of 2023, about 55% of hacked crypto was due to private key leaks, said Merkle Science.
Hackers have stepped up their attacks on cryptocurrency exchanges and wallets this year as prices for digital assets continue to rise.
According to %CoinMarketCap, the market capitalization of all cryptocurrencies has risen by 54% year-to-date as prices for %Bitcoin (CRYPTO: $BTC) and %Ethereum (CRYPTO: $ETH) reach all-time highs.
