The Current State of Cryptocurrency and Hacking: Weekly Recap
The cryptoverse has been abuzz with action as hacks continue to evolve. Some stick to traditional tactics, while others embrace new and advanced methods. It’s no secret that being informed might save you from potential loss.
YoMix Takes the Stage
In 2023, illicit funds flowing into mixers saw a significant decline, dropping from $1.0 billion in 2022 to $504.3 million in 2023. This change is due in part to the crackdown on hacking activities, which resulted in the sanctioning and shutdown of notable mixers such as Sinbad and Tornado Cash.
The Lazarus Group from South Korea switched to the Bitcoin-based mixer, YoMix, following the closure of Sinbad. This transition highlights the adaptability of malicious actors who effortlessly pivot to alternative services when their preferred platforms face closure.
PlayDapp: A Double Blow to Blockchain Gaming
PlayDapp suffered two major exploits in one week, leading to steep losses. The first breach resulted in $31 million in losses, followed by a subsequent attack that saw the theft of $290 million worth of PLA tokens.
The hacker compromised a private key to mint 200 million PLA tokens worth $36.5 million, and then created an additional 1.59 billion PLA tokens valued at $253.9 million. The heist exposed vulnerabilities in PlayDapp’s security and highlighted the hacker’s persistent access to the company’s systems.
Angel Drainer: Stealing from the Shadows
Angel Drainer targeted 128 crypto wallets, stealing over $400,000 using Etherscan’s verification tool to mask the attack. The assault began with the deployment of a malicious safe vault contract.
Duelbits Drama: Suspicious Transactions in Focus
Cyvers flagged suspicious transactions from Duelbits, which resulted in a loss of wallet access control and a suspicious address receiving $4.6 million from Duelbits wallets on both the Ethereum and BNB chains.
The hacker’s attempt to bridge assets from BNB to Ethereum revealed vulnerabilities in the system that were exploited.
That concludes the highlights for the week—stay tuned for the next update!
Cino Gaperi stands out as a prominent crypto analyst, accomplished researcher, and adept editor, making significant contributions to the field of cryptocurrency. With a strong background in crypto analysis and research, Cino’s insights delve deep into the intricate aspects of digital assets, appealing to a diverse audience. His keen analytical skills are complemented by his editorial proficiency, allowing him to distill complex crypto information into easily digestible content.