Originally published on: November 01, 2024
In yet another blow to the cryptocurrency world, hackers have managed to breach the security of the M2 crypto exchange, making off with over $13 million in digital assets. Despite the bold cyberattack, the exchange swiftly took action to restore user funds, mitigating the impact of the hack.
The centralized exchange (CEX) M2 revealed the security breach in a recent announcement, disclosing that hackers absconded with $13.7 million worth of Bitcoin (BTC), Ether (ETH), and Solana (SOL) from its hot wallets. This unfortunate incident comes on the heels of a series of high-profile hacks affecting the crypto industry, including the theft of over $230 million from the Indian exchange WazirX.
Cryptocurrency hacks and scams continue to pose a significant threat to the widespread adoption of digital assets. A recent report by Crystal Intelligence highlighted that the industry has suffered nearly $19 billion in losses across 785 reported hacking incidents in the past 13 years. The infamous Plus Token fraud in 2019 remains the largest single crypto theft case, where attackers made off with $2.9 billion in Bitcoin and Ether.
The surge in crypto crimes is evident with each passing year, with 2024 potentially outpacing the previous year in terms of stolen funds. In the first quarter of 2024 alone, hackers pilfered $542.7 million, marking a 42% increase compared to the same period in 2023. Centralized exchanges continue to be prime targets for cybercriminals, with the 10 largest DeFi hacks in 2023 and 2024 amounting to nearly $579 million in stolen assets.
As the crypto landscape grapples with the rising tide of hacks and scams, it is crucial for investors and users to exercise caution and implement robust security measures to safeguard their digital assets. With proactive steps and swift response protocols in place, exchanges like M2 demonstrate resilience in the face of adversity, ensuring that user funds are promptly restored in the aftermath of a breach. Stay informed and stay protected in the ever-evolving world of cryptocurrency.
