Hackers significantly increased their haul of cryptocurrency in the first half of 2024,  as they stole $1.38 billion worth of crypto between January 1st and June 24th, more than double the $657 million stolen during the same period in 2023.

Stablecoin issuer Circle has launched its euro-backed stablecoin, EURC, on Ethereum Layer-2 network Base, expanding the cryptocurrency’s reach beyond the blockchains where it’s already natively available, which include Ethereum, Avalanche, Solana, and Stellar.

Singapore's DBS, the country's largest bank, has witnessed a significant rise in trading activity on its DBS Digital Exchange (DDEx) this year, with the value of digital token trades the platform tripling in the first five months of 2024 compared to the same period in 2023.

Top stories in the Crypto Roundup today:

• $1.38 Billion Worth of Crypto Has Been Stolen So Far This Year
• Circle Brings Euro Stablecoin to Ethereum Layer-2 Network Base
• DBS Digital Exchange Sees Trading Volume Triple
• Bitget, Crypto.com and Bybit See Market Share Gains

$1.38 Billion Worth of Crypto Has Been Stolen So Far This Year

Hackers significantly increased their haul of cryptocurrency in the first half of 2024,  as they stole $1.38 billion worth of crypto between January 1st and June 24th, more than double the $657 million stolen during the same period in 2023.

As in the previous year, a small number of major attacks were responsible for the surge in stolen crypto. The top five hacks accounted for 70% of the total value stolen in the first half of 2024, according to a report by blockchain research firm TRM Labs.

TRM Labs identified private keys and seed phrases compromises as the primary methods used by hackers, with the largest heist so far in the year being for more than $300 million worth of Bitcoin stolen from Japanese cryptocurrency exchange DMM Bitcoin.

TRM Labs noted that there weren't any major security vulnerabilities identified within the cryptocurrency ecosystem that would explain the increase, and that the number of attacks and the methods used remained relatively consistent with 2023.

Circle Brings Euro Stablecoin to Ethereum Layer-2 Network Base

Stablecoin issuer Circle has launched its euro-backed stablecoin, EURC, on Ethereum Layer-2 network Base, expanding the cryptocurrency’s reach beyond the blockchains where it’s already natively available, which include Ethereum, Avalanche, Solana, and Stellar.

Before EURC was natively added on Base, users were only able to get their hands on the stablecoin through derivatives backed by existing EURC tokens on other blockchains. Per Circle, the new integration will make it easier for e-commerce applications to facilitate global trade.

Circle’s announcement highlights EURC and its dollar-backed counterpart USDC are the “first stablecoins on Base from a global issuer to be compliant with the new Markets in Crypto-Assets (MiCA) regulation.”

Cryptocurrency exchange Bitstamp had earlier delisted EURC competitor Tether Euro (EURT) as the stablecoin was allegedly not in compliance with the EU’s MiCA regulation.

DBS Digital Exchange Sees Trading Volume Triple

Singapore's DBS, the country's largest bank, has witnessed a significant rise in trading activity on its DBS Digital Exchange (DDEx) this year, with the value of digital token trades the platform tripling in the first five months of 2024 compared to the same period in 2023.

This growth coincides with a 36% increase in active trading clients and an 80% uptick in digital assets held on the exchange over the same period last year. The exchange is now also “studying listing stablecoins on our exchange and studying how to enable clients to earn rewards through Ethereum staking.”

Earlier in the year, DBS refuted claims by blockchain analytics firm Nansen that it was a major Ethereum holder, controlling a wallet with over $650 million in the cryptocurrency.

However, the bank has established itself as an early cryptocurrency adopter, having launched its digital exchange in 2020, when various other financial institutions were blocking cryptocurrency transactions. It also added support for China’s central bank digital currency, the e-CNY, in 2023.

Bitget, Crypto.com and Bybit See Market Share Gains

Centralized cryptocurrency exchanges have seen significant growth over the two first quarters of the year, with total aggregate spot trading volumes reaching $10.6 trillion, a 145% rise from H2 2023.

The surge was pronounced during the first quarter, with an all-time high of $2.9 trillion seen in March when Bitcoin hit a new all-time high above $73,000. In terms of market share Bitget, Crypto.com and Bybit saw the largest increases, while the largest declines were seen by Kraken, MEXC, and Digifinex.

Explore emerging trends and potential shifts in the digital asset space via CCData’s 2024 H2 Outlook Report.

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State of the Crypto by Top Tier Exchange Volume

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