Originally published on: November 01, 2024
In a recent cyberattack, hackers targeted the centralized cryptocurrency exchange M2, making off with a staggering $13 million in digital assets. The exchange confirmed the security breach in an announcement, revealing that hackers had stolen Bitcoin, Ether, and Solana from the platform’s hot wallets.
The incident comes on the heels of other high-profile hacks in the cryptocurrency space, including a $230 million theft from WazirX earlier this year. Hacks and scams have become a major obstacle to widespread cryptocurrency adoption as they continue to plague the industry.
According to a report by Crystal Intelligence, cryptocurrency hacks and scams have resulted in nearly $19 billion in losses across 785 reported incidents over the past 13 years. The largest single theft on record was the 2019 Plus Token scam, where hackers made off with $2.9 billion in Bitcoin and Ether.
Despite efforts to enhance security measures, hackers have continued to target centralized exchanges, with the 10 largest DeFi hacks totaling nearly $579 million in stolen assets. The surge in crypto crimes has raised concerns about the industry’s ability to protect user funds and prevent future attacks.
As cryptocurrency hacks show no signs of slowing down, it is more important than ever for investors to remain vigilant and take precautions to safeguard their digital assets. Stay informed about the latest developments in the industry and subscribe to our Finance Redefined newsletter for expert analysis and insights delivered straight to your inbox every Friday.
