Crypto Hack Weekly Report: $2.2 Billion Stolen in 2024, Centralized Exchanges Hit Hard
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In the cryptocurrency space this week, there was a rise in the incidence of cybercriminal activity, that was more common and elaborate than before. Ranging from multi-million dollar breaches to sanctions on laundering operations and the size of losses point to the need for better security mechanisms.
Crypto Heists of 2024: Big Data Breaches Continues
Crypto fraud remains a significant and real problem as the industry suffers billion-dollar hacks. According to Chainanalysis, $2.2 billion was stolen in 2024, clearly a 21% increase to that of 2023. Centralized exchanges received the most losses which replaced that of the DeFi domain previously.
Again, North Korean actors were found to have stolen $1.34 billion, which is over double the total for 2023.
Wazirx Under Siege: Delisting, and Legal Battles
The troubled Indian cryptocurrency trading platform WazirX is in the crosshairs now. The case stemmed from a $235 million hack this year, and the Delhi High Court has demanded a reinvestigation.
Making the situation worse, Binance has delisted the WRX token, with the token seeing its value decrease by an astonishing 51%. With trust deteriorating, WazirX is staring at contingency measures that include a possible shift to the DEX model.
Flashloan Exploit Targets Slurpycoin
The latest blockchain affected by the exploitable flash loan vulnerability was a Binance Smart Chain coin, Slurpycoin that lost $3000. The attacker utilizing the buyback mechanism has engaged with arbitrage strategies to reveal issues with DeFi tokenomics.
North Korea’s Crypto-Laundering Operation Revealed
The U.S. Department of the Treasury recently put two individuals and a UAE-based firm, Green Alpine Trading, LLC, on its list of those involved in the laundering of virtual currency used to finance North Korea’s weapons programmes. This operation transferred millions to finance the missile build-up of the regime and brought to the forefront the role of crypto crime impact to the world.
Fallout From the Lastpass Breach: Millions Lost Again
As a consequence of the LastPass backup data breach, the hackers used the stolen vault data and hacked more than forty wallets and made off with $5.36 million. This piles on another over $200 million in losses related to the breach, putting in perspective the dangers of data retention on the web.
Other Noteworthy Attacks
zkPass Protocol: Due to the Compromised X account by attackers, users were exposed to these phishing scams.
BTC24H (Polygon): Contract-related vulnerabilities cut down $85,700 from the contract.
The rise of cyber-attacks and their increasing sophistication leaves the crypto market no room for complacency. Criminals are adapting and getting better, while security is a key factor, as is cooperation between nations and the enlightenment and awareness of users.
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