Financial Losses from Crypto Thefts Soar to Over $360 Million in February: PeckShield
Blockchain security firm PeckShield has reported a significant increase in financial losses from crypto thefts in February. According to the firm, hackers stole approximately $360.83 million worth of crypto assets during the month, up from $182.54 million in January.
Crypto Gaming Platform PlayDapp and FixedFloat Among the Hardest Hit
The majority of the stolen funds can be attributed to crypto gaming platform PlayDapp (PLA), which suffered losses of $290 million due to two security breaches. Despite offering a $1 million white hat reward in an attempt to recover the funds, PlayDapp was unsuccessful as the hackers chose to launder the money. Another victim of crypto theft was automated exchange FixedFloat, which lost $25.85 million.
Axie Infinity Founder Jeff Zirlin Falls Victim to Personal Account Breach
Jeff “Jihoz” Zirlin, the founder of blockchain-based game Axie Infinity (AXS) and Ethereum sidechain Ronin (RON), experienced a breach in his personal accounts, resulting in the loss of $9.7 million worth of crypto assets. However, Zirlin clarified that the attack had no impact on the validation or operations of the Ronin chain and assured users that strict security measures are in place for all chain-related activities.
Other Losses Incurred by Shido and Seneca
In addition to PlayDapp, FixedFloat, and Jeff Zirlin’s personal accounts, other victims of crypto theft include layer-1 blockchain Shido (SHIDO) and stablecoin protocol Seneca (SEN), which suffered losses of $7.3 million and $6.9 million, respectively.
Only a Small Percentage of Stolen Assets Recovered
Despite the significant amount of funds stolen, PeckShield reports that only a small percentage has been recovered. Approximately 1.8% of the stolen funds, totaling around $6.7 million, have been returned.
Hot Take: Rising Concerns Over Crypto Security
The increasing frequency and scale of crypto thefts raise concerns about the security measures in place within the industry. While blockchain technology offers inherent security features, it is crucial for individuals and businesses to implement additional layers of protection to safeguard their crypto assets.
As an investor or user in the crypto space, it is important to:
- Stay informed about the latest security threats and vulnerabilities in the industry.
- Implement strong passwords and two-factor authentication for all crypto-related accounts.
- Use hardware wallets or cold storage solutions to store large amounts of crypto assets offline.
- Regularly update software and firmware to ensure the latest security patches are applied.
- Avoid sharing sensitive information or private keys with anyone.
- Consider working with reputable exchanges and platforms that prioritize security and have a track record of protecting user funds.
In Conclusion
The surge in financial losses from crypto thefts in February highlights the importance of robust security measures within the crypto industry. As the value and adoption of cryptocurrencies continue to rise, it becomes increasingly crucial for individuals and businesses to prioritize the protection of their digital assets. By staying informed and implementing best practices for security, crypto users can mitigate the risk of falling victim to theft or hacking attempts.
Your Turn: How do you ensure the security of your crypto assets?
Share your tips and strategies in the comments below!
⭐️ Hot Take: Rising Concerns Over Crypto Security ⭐️
The surge in financial losses from crypto thefts in February raises concerns about the security measures in place within the industry. As the value and adoption of cryptocurrencies continue to rise, it becomes increasingly crucial for individuals and businesses to prioritize the protection of their digital assets. By staying informed and implementing best practices for security, crypto users can mitigate the risk of falling victim to theft or hacking attempts.
By
By
By
By