Crypto hacks are on the rise

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why crypto hacks are increasing at a staggering pace.

Transcript

00:00I'm Conway Gittins reporting from the New York Stock Exchange.

00:02Here's what we're watching on the street today.

00:04Wall Street was fixated on the Federal Reserve

00:07following the June jobs report.

00:09The data suggests the Fed is making progress

00:12on slowing inflation without sending the economy off

00:16the cliff.

00:17Hiring remained at a healthy pace of 206,000,

00:20although slower than earlier in the year.

00:23Unemployment ticked up to 4.1%, a jobless rate not

00:26seen since November of 2021.

00:29Meanwhile, average wages rose 3.9% from a year ago,

00:33but that was the weakest gain in three years.

00:36The Fed will remain in focus next week

00:39when Fed Chief Jerome Powell goes to Capitol Hill

00:41for his twice-a-year financial testimony before lawmakers.

00:46In other news, crypto hacks have more than doubled

00:49so far this year.

00:51Over $1.38 billion in crypto has been stolen

00:54in the first half of 2024, which has more than doubled

00:57to 657 million stolen in the same period a year ago.

01:01According to a report by blockchain researcher TRM Labs,

01:05the top five hacks through June 24th account for 70%

01:10of all the crypto money stolen.

01:12The biggest crypto hack between January and June

01:15saw $308 million worth of Bitcoin stolen,

01:18and the median theft was one and a half times bigger

01:22than it was the same time a year ago.

01:24TRM said it hasn't noticed any new security vulnerabilities

01:28behind the hack spike, but, quote,

01:31the past six months did see significantly higher

01:34average token prices compared to this period last year

01:38that is likely to have contributed

01:39to the increased theft volumes.

01:42The price of Bitcoin has surged 85% over the past 12 months.

01:48That'll do it for your daily briefing

01:49from the New York Stock Exchange.

01:51I'm Conway Gittens with The Street.

01:54Thank you.

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