Originally published on: November 01, 2024
In a recent cyberattack, cryptocurrency hackers managed to steal over $13 million from the centralized cryptocurrency exchange (CEX) M2. The exchange confirmed the security breach in an announcement, revealing that hackers made off with $13.7 million in digital assets from its hot wallets, including Bitcoin, Ether, and Solana.
This incident comes on the heels of a major hack on WazirX, an Indian cryptocurrency exchange, where hackers stole over $230 million. The rise in hacks and scams is becoming a significant challenge for widespread cryptocurrency adoption.
According to a report from Crystal Intelligence, the cryptocurrency industry has suffered losses of nearly $19 billion across 785 reported hacking incidents in the past 13 years. The largest single crypto theft case to date remains the 2019 Plus Token fraud, where attackers made off with $2.9 billion.
In 2024 alone, the first quarter saw a 42% increase in stolen funds compared to the same period in 2023, with a total of $542.7 million lost to hacks and scams. Centralized exchanges continue to be the primary target for hackers, with DeFi hacks accounting for nearly $579 million in stolen assets.
As cryptocurrency crimes surge, it’s crucial for investors to stay informed and vigilant. Stay updated on the latest developments and analysis by subscribing to our Finance Redefined newsletter. Get expert insights, sharp analysis, and new financial opportunities delivered to your inbox every Friday. Subscribe now to make informed decisions with confidence.
