Originally published on: November 01, 2024
A recent cyberattack on the centralized cryptocurrency exchange (CEX) M2 has resulted in hackers stealing over $13 million in digital assets. This security breach, which occurred on Oct. 31, saw hackers making away with $13.7 million worth of Bitcoin, Ether, and Solana from the exchange’s hot wallets.
The incident follows a string of cryptocurrency hacks, with WazirX falling victim to a $230 million theft earlier this year. The rise in hacking incidents poses a significant challenge to the widespread adoption of cryptocurrency.
According to a report by Crystal Intelligence, the industry has suffered nearly $19 billion in losses from 785 reported hacking incidents over the past 13 years. The largest single crypto theft case to date was the 2019 Plus Token fraud, where attackers made off with $2.9 billion worth of Bitcoin and Ether.
In 2023 and 2024, the total amount stolen in hacks and scams exceeded $500 million, indicating a troubling trend of increasing crypto crimes. Centralized exchanges remain prime targets for hackers, with decentralized finance (DeFi) platforms also experiencing significant losses.
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