Originally published on: September 01, 2024
In a string of more than 10 cyberattacks last month, cryptocurrency hackers managed to pilfer an eye-watering $313.86 million in digital assets, casting a shadow of doubt over the widespread embrace of this asset class.
According to findings by blockchain security firm PeckShield, a staggering 93.5% of the stolen funds were a result of phishing attacks, leading to losses totaling $293.4 million. Among the top five major heists in August, two phishing attacks alone targeted Bitcoin and Dai, draining a whopping $238 million and $55.4 million, respectively.
The largest losses came from the Ronin Network exploit, where a hacker retrieved $12 million but initiated unauthorized crypto transactions amounting to $5.1 million. And the decentralized finance platform Nexera was not spared either, suffering a loss of $1.83 million due to a smart contract exploit.
Industry reports indicate that a total of $1.21 billion in digital assets have been lost to hacks and rug pulls year-to-date in 2024, underscoring the urgency for improved security measures within the crypto space.
Following a devastating cyberattack on India’s WazirX exchange, where $234.9 million was siphoned from a multisig wallet, the platform is now undergoing a meticulous restructuring process. Alongside legal proceedings in Singapore, WazirX is taking strategic steps to fortify its financial infrastructure.
To combat the rising threat of cyber theft in the cryptocurrency realm, a team of ethical hackers has united forces to form Security Alliance (SEAL). Spearheaded by white hat hacker Samczsun, this elite task force has already fielded over 900 hack-related tickets since its inception in August 2023, dedicated to strengthening defenses and thwarting malicious breaches.
An Immunefi report released on August 22 paints a grim picture, indicating that nearly 80% of cryptocurrencies fail to recover their value post-attack. This lingering loss in value often deals a harsher blow to projects than the initial exploit itself.
For the latest in crypto security breaches and safeguarding measures, stay tuned to Crypto-Sec: DeFi Saver ownership phish, iVest shuts down after attack, plus hackathon clipboard hijack.
