As an experienced analyst in the field of cryptocurrency and blockchain security, I find these recent developments deeply concerning. The first half of 2024 has seen a dramatic increase in major hacks within the crypto space, with losses amounting to over $1.5 billion – an alarming 293% increase compared to the same period last year.
In the first half of 2024, there has been a significant increase in major cyberattacks targeting the cryptocurrency sector. The attacks on Ethereum (ETH), Bitcoin (BTC), and XRP accounted for over $1.5 billion in total losses due to scams. Approximately $1.56 billion has been stolen as a result of more than 200 significant incidents this year.
Crypto Scam Losses Hit $1.5B
Based on Peck Shield Alert’s findings, a mere $319 million of cryptocurrency funds that were lost have been recovered. It’s important to note that this year’s losses have seen a significant surge, reaching a startling 293% increase compared to the same time frame in 2023. During that period, the total losses amounted to $480 million.
As a crypto investor, I’ve noticed that Decentralized Finance (DeFi) protocols have been in the crosshairs of hackers lately. In fact, they’re responsible for approximately 59% of the total value stolen during this period. Unfortunately, more than 20 public chains have experienced significant hacks. Among them, Ethereum, Bitcoin, and XRP ranked highest in terms of the amount lost due to these malicious attacks.
Ethereum and BNB Chain were the top targets for hacking attacks, accounting for approximately 62.6% of the total incidents. Arbitrum came in third with around 12.5%. A notable attack took place on June 3, 2024.
As a crypto investor, I’ve come across some disconcerting news. DMM Bitcoin, a prominent Japanese cryptocurrency exchange, announced a significant security breach. The intruders managed to make off with 4,502.9 Bitcoins, which equated to over $300 million in value at the time of the incident. This unfortunate event serves as a stark reminder of the potential vulnerabilities within exchanges, particularly those dealing with substantial amounts of digital assets.
Major XRP, ETH, BTC Hacks
Around thirteen days after the DMM Bitcoin incident on June 10, UwU Lend, a decentralized finance (DeFi) lending system, fell victim to a cyberattack. The attack resulted in a substantial loss of approximately $19.3 million worth of digital assets. This unfortunate event serves as a reminder of the inherent risks associated with DeFi platforms, which typically function outside extensive regulatory supervision. In response, UwU Lend announced a $5 million reward for anyone who could help identify and apprehend the perpetrator.
In February 3, 2024, Chris Larsen, a co-founder of Ripple, announced a significant security incident affecting his personal digital wallets. Contrary to initial speculation, the breach did not involve Ripple’s corporate assets.
Hackers successfully moved a massive amount of XRP tokens, equivalent to around 213 million units and worth approximately $112.5 million. Notably, crypto sleuth ZachXBT was the first to bring attention to these questionable transactions. Following the security breach, Larsen and several digital currency exchanges responded quickly to minimize damage.
As a researcher studying this incident, I can tell you that multiple cryptocurrency exchanges, such as MEXC, Gate, Binance, Kraken, OKX, HTX, and HitBTC, worked together to halt a substantial amount of the stolen funds. Specifically, Binance took action by freezing approximately $4.2 million worth of XRP for the ongoing investigation.
On April 2, 2024, there was a significant security incident at FixedFloat, a Bitcoin Lightning-based exchange. Unauthorized transactions resulted in financial losses surpassing $3 million. This event underscored ongoing security concerns for FixedFloat, as the company had previously experienced a similar breach earlier in the year.
As a crypto investor, I’ve experienced firsthand the difficulties FixedFloat faced in keeping their platform secure against relentless cyberattacks. Sadly, in February, hackers successfully stole approximately $26 million in Ethereum and Bitcoin from the company. These digital assets were swiftly transferred to cryptocurrency exchanges, where they were sold to reap substantial profits for the attackers.
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2024-07-03 20:05