From Investing.com: 2024-06-07 10:30:53

In the first quarter of 2024, hackers stole $542.7 million worth of Cryptocurrencies, a 42% increase from the same period in 2023, as reported by Merkle Science. Crypto hacks are on track for a record year, with hackers becoming more sophisticated in targeting private key leaks and insecure storage practices.

Phishing attacks continue to be a popular tactic, with hackers duping crypto investors through fraudulent emails and addresses. Smart contract vulnerabilities have been a prime target, leading to $2.6 billion of stolen digital tokens in 2022. Around 55% of hacked crypto at the end of 2023 was due to private key leaks, according to Merkle Science.

Hackers are focusing on cryptocurrency exchanges and wallets this year, taking advantage of rising digital asset prices. The market capitalization of all cryptocurrencies has increased by 54% year-to-date, with prices of BTC and ETH reaching all-time highs.

Read more at Investing.com: Crypto Hacks Rose 42% In Year’s First Quarter: Report By Yolowire.com