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CRYPTO THEFTS HACKS HAVE ALREADY TOPPED LAST YEAR’S TALLY

The $1.5 billion hack of the exchange Bybit attributed to North Korea’s Lazarus Group has resulted in more funds being swiped from digital platforms already this year than in all of 2024.

$2.17 billion was stolen from crypto services and individual wallets through June, according to blockchain intelligence firm Chainalysis.

Eric Jardine, cybercrimes research lead at Chainalysis, said, “It’s sort of fair to say there’s a high degree of technical sophistication in these hacks” and “the more security layers that get put into place by crypto services — the more sophisticated the bad actors have to become.”

The $1.5 billion hack of the exchange Bybit attributed to North Korea’s Lazarus Group has resulted in more funds being swiped from digital platforms already this year than in all of 2024.

In total, $2.17 billion was stolen from crypto services and individual wallets through June, according to blockchain intelligence firm Chainalysis.

While the Bybit attack in February was the largest ever crypto exploit recorded, personal wallet compromises now represent a growing share of total ecosystem theft. Attacks targeting individual users have made up around 23% of all stolen fund activity this year.

“It’s sort of fair to say there’s a high degree of technical sophistication in these hacks,” said Eric Jardine, cybercrimes research lead at Chainalysis. “You can trick people through phishing attacks into exposing private keys, but it’s not the same as having it exposed in some other way.”

Coinbase Global Inc. has estimated that the May attack of its exchange might cost the company as much as $400 million for remediation efforts and customer reimbursements.

Read more on cyber attacks:North Korea’s $1.5 Billion Heist Puts the Crypto World on NoticeBinance, Kraken Are Said to Have Been Targets of HacksIt’s Not Easy to Launder