These consecutive crypto breaches highlight the urgent need for enhanced security measures within the crypto ecosystem.
In the past 172 days, the crypto space has witnessed a staggering wave of cyberattacks resulting in the theft of over $500 million. This alarming trend highlights the vulnerabilities in the security infrastructure of various crypto platforms. Let’s delve into the details of the major breaches that occurred during this period.
In this review, we will look at the specifics of the significant breaches that occurred within this time period.
HTX/HECO: $100 Million+
This is the latest of the breaches recorded in the industry. On November 22, the HTX (formerly Huobi) exchange and the HECO chain fell victim to a significant hack. Cyvers Alerts reported suspicious transactions amounting to $100 million, with $85 million traced back to a single address through the HECO chain bridge.
The security breach raises concerns about the security of on-chain transactions and the need for enhanced vigilance.
Poloniex: $125 Million+
Crypto exchange Poloniex suffered a devastating hack on November 10, resulting in losses exceeding $125 million. The breach involved a range of cryptocurrencies, including ETH, TRON, USDT, TUSD, PEPE, SHIB, FLOKI, 865 Bitcoin (BTC), and over 288 million TRX.
Poloniex temporarily suspended withdrawals, and CEO Justin Sun offered a $10 million reward for the return of funds. While the Poloniex team said they have identified the hacker, no major update has been shared regarding next steps besides the involvement of law enforcement agencies
CoinEx: $54 Million+
On September 12, CoinEx experienced suspicious withdrawals totaling around $54 million. The platform quickly identified the problem and launched an inquiry. The first transaction involved 4,947 ETH, followed by large transfers of other tokens to an address with no prior transaction history.
Stake: $41 Million+
On September 4, the Lazarus Group, a North Korean cybercrime organization, conducted a $41 million hack of crypto gaming site Stake. The FBI verified the involvement of the Lazarus gang, attributing roughly $200 million in crypto theft to the gang in 2023. At the time of the attack, Stake told users that only a small portion of their cash had been compromised.
Alphapo/CoinsPaid: $70 Million+
Alphapo, a payment processor also suffered suspicious withdrawals totaling over $65 million on July 22. Additionally, CoinsPaid, another payments firm, fell victim to a $37 million loss through social engineering in late July. These incidents highlight vulnerabilities in payment processing systems.
Atomic Wallet: $115 Million+
Atomic Wallet users faced a substantial loss of over $115 million in June due to an unknown exploit. The attack targeted various assets, including BTC, ETH, TRX, BSC, ADA, XRP, DOT, ATOM, ALGO, AVAX, XLM, LTC, and DOGE.
In summary, these consecutive crypto breaches highlight the urgent need for enhanced security measures within the crypto ecosystem. The attacks, which range from exchange breaches to sophisticated cybercrime organization involvement, underline the significance of continual awareness, rapid response systems, and collaboration within the crypto community to protect user assets and the overall blockchain ecosystem’s integrity.
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