Crypto hacks have doubled in 2024

Hackers stole more than $1.38 billion worth of crypto in the first half of 2024.
Transcript:
CONWAY GITTENS: Here’s what we’re watching on TheStreet today.
Wall Street was fixated on the Federal Reserve following the June jobs report. The data suggest the Fed is making progress on slowing inflation without sending the economy off the cliff. Hiring remained at a healthy pace of 206,000, although slower than earlier in the year. Unemployment ticked up to 4.1 percent, a jobless rate not seen since November 2021. Meanwhile, average wages rose 3.9 percent from a year ago, but that was the weakest gain in three years.
The Fed will remain in focus next week when Fed Chief Jerome Powell goes to Capitol Hill for his twice-a-year financial testimony before lawmakers.
In other news… Crypto hacks have more than doubled so far this year. Over $1.38 billion in crypto has been stolen in the first half of 2024, which is more than double the $657 million stolen in the same period a year ago.
According to a report by blockchain researcher TRM Labs, the top five hacks through June 24th account for 70 percent of all the crypto money stolen. The biggest crypto hack between January and June saw $308 million worth of Bitcoin stolen, and the median theft was 1-1/2 times bigger than it was the same time a year ago.
TRM said it hasn’t noticed any new security vulnerabilities behind the hack spike, but “the past six months did see significantly higher average token prices compared to this period last year; that is likely to have contributed to the increased theft volumes.”
The price of Bitcoin has surged 85 percent over the past 12 months.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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