Crypto Thefts Hit $1.7B in 2023 as Asia Leads Violent Crimes

- Crypto thefts in H1 2023 hit $1.7 billion, a decrease from 2022. - Violent crimes against crypto holders surge in Asia. A mid-year report from blockchain analytics firm Chainalysis reveals that thieves stole over $1.7 billion from crypto holders in the first half of 2023, a significant decrease from the previous year. The report identifies Asia as a growing hotspot for violent crimes targeting wallet holders, highlighting a disturbing trend alongside traditional cyberattacks. North Korea’s Lazarus Group was reportedly responsible for the $129 million hack of Atomic Wallet in June, the largest hack of the year so far. In its report on June 28, 2023, Chainalysis detailed that the Lazarus Group stole crypto assets from Atomic Wallet users. This event marked the largest hack of the year so far, underscoring the growing sophistication of cybercriminal tactics. In addition to targeting large exchanges, criminals are increasingly using AI-driven phishing scams to compromise individual wallet holders. Violence has also spilled into the crypto market as criminals turn to "wrench attacks," which are physical assaults or acts of coercion to force victims to relinquish their wallet keys. In a tragic case from March 2024, criminals in the Philippines abducted and killed Anson Que, CEO of Elison Steel, after an unsuccessful cryptocurrency ransom attempt of about $255,000. While North America leads in the total value of stolen funds, Asia has become an alarming hub for violent crime against crypto investors. Other regions, such as Central and Southern Asia and Oceania (CSAO) and the Middle East and North Africa (MENA), are also seeing a rapid increase in attack frequency. As a result, this surge in crime has reignited calls for stricter regulatory measures and improved security practices in the crypto industry. With losses at $1.7 billion by mid-year, the total for the year is on track to be lower than in 2022. Meanwhile, broader market data from CoinMarketCap on June 28 shows Bitcoin (BTC) trading at $30,481, with its 24-hour trading volume down 2.15%. Over the same period, Ethereum (ETH) is trading at $1,885, marking a 0.55% decrease.