A new report from Global Ledger highlights the alarming speed at which hackers withdraw stolen funds as the primary challenge facing the cryptocurrency industry. According to analysts, cybercriminals stole $3 billion across 119 hacks in the first half of the year, a figure 1.5 times higher than the total losses suffered by the crypto sector throughout the entire previous year.
In 84% of cases, security systems detected breaches on the same day they occurred. However, this rapid detection proved insufficient, as in 68% of attacks, stolen funds were moved before companies even identified the hack.
The report notes a record-breaking transfer speed of just 4 seconds, with the average time from attack to initial fund movement being 15 hours. Public disclosure of breaches, on the other hand, typically takes 37 hours. This leaves cybercriminals with a window of over 20 hours to cover their tracks, exacerbating the challenge of recovering stolen assets.
Also read:
- Cloudflare Exposes Perplexity’s Shady Indexing Tactics After Customer Complaints
- American Cinemas Teeter on the Edge as Regal Pins Hopes on Dude Perfect Documentary
- Qwen-Image: A New Open-Source 20B MMDiT Model for Image Generation
- The Dawn of "Character Creation" for Babies: Nucleus Redefines Parenthood
The findings underscore the urgent need for enhanced security measures and faster response mechanisms to combat the growing sophistication of crypto-related cybercrime.
