Blockchain researchers TRM Labs have reported a significant increase in cryptocurrency thefts through hacks, surpassing $1.38 billion in the first half of 2024 compared to $657 million during the same period in 2023.

This doubling of thefts is attributed to a few major attacks and the higher valuation of cryptocurrencies like Bitcoin (CRYPTO:BTC), Ethereum (CRYPTO:ETH), and Solana (CRYPTO:SOL), making them more lucrative targets for cybercriminals.

According to Ari Redbord, global head of policy at TRM Labs, the rising token values have heightened motivations for attacks, enabling larger sums to be stolen per incident.

Despite improvements in crypto security, vulnerabilities persist, with notable incidents such as the $308 million bitcoin theft from Japanese exchange DMM Bitcoin marking one of this year's largest losses.

The trend underscores ongoing challenges for cryptocurrency companies in safeguarding digital assets amid persistent cyber threats.