Crypto hacks are on the rise
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.
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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.