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Cryptocurrency News Articles
Crypto Industry Sees $1.5B in Fraud Losses, Major Breaches in Ethereum, Bitcoin, and XRP
Jul 04, 2024 at 08:00 am
As CoinGape reported, the cryptocurrency sector experienced a significant increase in breaches during the first half of 2024.
Cryptocurrency fraud losses in the first half of 2024 have reached an alarming $1.56 billion, with major breaches affecting Ethereum, Bitcoin, and XRP, according to data from PeckShield Alert. These losses stem from over 200 significant incidents this year, indicating a sharp increase compared to the $480 million lost in all of 2023.
Hackers have largely targeted decentralized finance (DeFi) protocols, which experienced breaches that collectively resulted in the loss of approximately $922 million, accounting for 59% of the total stolen goods.
Ethereum, Bitcoin, and XRP were among the most heavily impacted by these crypto breaches, with the stolen funds largely belonging to these three cryptocurrencies.
Ethereum and BNB Chain were the most frequently targeted blockchains, each accounting for 31.3% of the total breaches. Arbitrum subsequently accounted for 12.5% of the assaults.
One of the most significant incidents occurred on June 3, 2024, when DMM Bitcoin, a prominent Japanese cryptocurrency exchange, disclosed a major breach. The attackers seized 4,502.9 BTC, valued at over $300 million at the time of the incident. This incident highlighted the vulnerabilities of exchanges, particularly those that manage substantial quantities of digital assets.
A week after the DMM Bitcoin attack, on June 10, UwU Lend, a decentralized finance (DeFi) lending protocol, was compromised, leading to the loss of approximately $19.3 million in digital assets. This breach underscores the risks associated with DeFi platforms, which frequently operate with less regulatory oversight. Subsequently, the platform offered a $5 million reward for the hacker's capture.
Earlier in the year, on February 3, 2024, Chris Larsen, the co-founder of Ripple, disclosed a significant security compromise that affected his wallets. Initially, there were rumors that Ripple was the target. Larsen, however, clarified that the breach was related to his digital wallets, not Ripple's corporate assets.
The hackers were able to transmit a staggering 213 million XRP tokens, estimated to be worth $112.5 million at the time. ZachXBT, an on-chain detective, was the first to notify the community of the suspicious transactions. Larsen and various crypto exchanges promptly implemented measures to alleviate the consequences of the theft.
Multiple exchanges, including MEXC, Gate, Binance, Kraken, OKX, HTX, and HitBTC, cooperated by placing a hold on a substantial portion of the stolen funds. Binance alone froze $4.2 million in XRP to aid in the investigation.
Another incident occurred on April 2, 2024, when a security vulnerability at FixedFloat, an exchange based on the Bitcoin Lightning Network, resulted in unauthorized transactions that caused financial losses exceeding $3 million. This incident, following a comparable intrusion earlier in the year, highlighted FixedFloat's recurring security concerns.
The organization encountered substantial obstacles in safeguarding its platform from repeated assaults. In February, hackers stole $26 million in Ethereum and Bitcoin from FixedFloat, which were subsequently transferred to exchanges to generate revenue.
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- MAGA (TRUMP) Meme Coin Dives 35% in a Week Despite Trump's 2024 US Presidential Election Victory
- Nov 15, 2024 at 04:20 am
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- title: Maximize Your Earning Potential on MemeFi with Our Up-to-Date List of MemeFi Daily Combos and Video Codes for November 14
- Nov 15, 2024 at 04:15 am
- MemeFi Daily ComboThe MemeFi daily combo for November 14 is 1-3-3-2-4:Head - one hitBelly - one hitBelly - one hit Neck - one hitLeg - one hitIn MemeFi Coin, players can gain a large reward if they correctly perform the daily combo. When battling an enemy, the screen is divided into 4 zones, representing the enemy's head, neck, belly and legs. Performing the right sequence of taps will give the player a big stash of coins.If you enjoy Telegram games, we're sure you will love CoinGram, the official mini app from CoinCodex! By earning coins in the app, you will become eligible for monthly giveaways with real rewards. The more coins you get, the better chances you will have at winning a prize.Play CoinGram NowMemeFi Video CodesAnother way to earn big rewards in MemeFi Coin is to enter secret codes that are found in videos. Video codes will be updated as soon as possible!Here are the MemeFi video codes for November 14, 2024:Telegram Mobile Play to Earn crypto Games Code : 42666Turn Your Football Knowledge into Profits: The Sorare Experience | Part 5 of 5 | MemeFi Code: 72941Arbitrage and DCA: The Safest Crypto Trading Tactics Explained | Part 4 of 7 | MemeFi Code: 99944The SECRET FORMULA That Launches Billion-Dollar Companies | MemeGirls Code: 42437How To Start Your Small Business Code: 42111Turn News into Profits Code: 53320Go to Secret Task Code: AirdropFake Wallet Scam Code: 23790Crypto Drama Unfolds! Code: 46467How To Start Your Own Business From Zero | MemeGirls Code: 41211How I Made The Most Expensive. Code: 11586Don't Lose Your Crypto: 9 Simple Steps to Lock Down Your Wallet | Part 5 of 5 | MemeFi Code: 32397The Truth About Rug Pulls and Fake ICOs : Crypto Biggest Scam | Part 2 of 5 Code: 98236Don't Lose Your Crypto: 9 Simple Steps to Lock Down Your Wallet | Part 5 of 5 Code: 32397How Hackers Stole $450 Million Code: 23525How to Make Money on Text Code: 05432Earn With DAPPS: How To Get Started Code: 65673Pump and Dump Schemes Code: 20234How to Make Money Online Code: 52811Make the Most of a Bull Market Code: 35688How to Make $10,000 Per Month Code: 23700Bull Market Dangers Code: 63956Bitcoin's Greatest Bull Markets: The Biggest Price Surges in History | Part 3 of 6 | MemeFi Code: 57823Before You Invest in Crypto, Watch Out for These Deadly Scams | Part 1 of 5 | MemeFi Code: 34669Crypto Gold Rush 2024? Signs of the Next Bull Market Are Here! | Part 4 of 6 | MemeFi Code: 48675How to Make $10,000| Memegirls Code: 45688Passive income in Crypto Code: 95146Why You Keep Losing Money in Crypto - Fix It NOW! | Part 1 of 7 Code: 115295 Steps to Start Your First Business Code: 98213Gaming for Cash: How dApps Turn Your Skills into Crypto | Part 3 of 5 Code: 31954Best Secrets of Successful Entrepreneurs Code: 99335The Best Beginner Trading Strategies Explained – Don't Miss Out! | Part 2 of 7 Code: 85554The MOST Profitable Tap-to-Earn Games in Telegram App in 2025 Code: 42622How to Start a Business from Nothing | MemeGirls Code: 41323How to Automate Crypto Profits: Yearn Finance vs. Alchemix | Part 4 of 5 | MemeFi Code: 14287Own Property Digitally Code: 75612How to Earn $5,000 per month with Telegram Code: 42681Can
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- Nov 15, 2024 at 04:10 am
- Signs of a waning Trump-led rally emerged Thursday as investors assessed the economic outlook and awaited potential signals on the interest-rate path from the upcoming Fed Chair Jerome Powell‘s speech in Dallas at 3 p.m. ET.
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- BIT Mining Invests in Prosper, a Decentralized Protocol Connecting Institutional-Grade Bitcoin Mining Power On-Chain
- Nov 15, 2024 at 04:10 am
- Prosper, a decentralized protocol that connects institutional-grade Bitcoin mining power on-chain is set to unleash Bitcoin's full potential through liquidity farming.