yolowire.com – In the first quarter of this year, hackers stole $542.7 million worth of cryptocurrencies, a 42% increase from the same period in 2023, according to a new report from Merkle Science.
Cryptocurrency hacks are on track to hit a record year in 2024, says Merkle Science, which is a cryptocurrency risk and intelligence platform.
Hackers around the world are becoming increasingly sophisticated, going beyond smart contracts to attack vulnerable areas such as private key leaks and insecure storage practices.
Phishing attacks also remain popular, as cryptocurrency investors are often fooled by fraudulent emails and legitimate-looking addresses.
The Merkle Science report adds that hackers are looking for 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 in stolen digital tokens in 2022.
By the end of 2023, about 55% of hacked cryptocurrencies were due to private key leaks, Merkle Science said.
Hackers have stepped up their attacks on cryptocurrency exchanges and wallets this year as digital asset prices continue to rise.
According to CoinMarketCap, the market capitalization of all cryptocurrencies has increased by 54% so far this year as the prices of (CRYPTO: BTC) and (CRYPTO: ETH) reach all-time highs.
This content was originally published by Yolowire.com
