Stay Alert! Recent Cyber Attacks Shake the Cryptocurrency Market
Last week witnessed a series of cyber attacks on major crypto platforms, resulting in significant losses amounting to millions. These incidents, ranging from hacked user funds to contract exploits, highlight the vulnerability of the cryptocurrency community to security breaches.
The $235 Million WazirX Hack: Struggles Amidst Losses
Indian-based exchange WazirX faced a massive loss of over $230 million following a breach on one of its multi-sig wallets, marking one of the largest hacks of the year. Analysis revealed that attackers had been preparing for the breach at least eight days prior.
- The compromised wallet was imported into the service known as Liminal Custody.
- WazirX attributed the issue to tainted devices within the firm.
- Attackers successfully converted a significant amount of cash into Ethereum.
LI.FI’s Blunder: $12 Million Hack Due to Human Error
The cross-chain bridge aggregator protocol LI.FI fell victim to a security breach on July 16, 2024, resulting in the loss of approximately 12 million USDC, USDT, and DAI stablecoins. The team admitted that human error led to the exploit, emphasizing the importance of strict adherence to protocol changes.
- 153 wallets linked to LI.FI were impacted by the hack.
- The incident arose from a failure to follow standard procedures during protocol implementation.
Flash Loan Attack on Minterest Protocol: $1.4 Million Loss
The Minterest protocol, a cross-chain lending platform, suffered a flash loan attack on July 15, 2024, resulting in a loss of $1.4 million. The hackers utilized a sophisticated flash loan technique, draining funds from the platform and executing the attack on Ethereum-rollup Mantle.
- Co-founder of Fuzzland, Chaofan Shou, brought attention to the attack.
- The attacker received funds through Tornado Cash on Ethereum.
Ethena’s Discord Compromise
Blockchain project Ethena encountered a hack on its Discord server on July 14, 2024. Users were warned not to click on any suspicious links posted during the breach. The hacker posted a deceptive message promising bonuses to token holders, redirecting them to a fake URL.
- On-chain investigator ZachXBT reported the incident.
- Ethena issued an official apology for any losses incurred by users.
Hot Take: Protect Your Crypto Assets from Cyber Threats
The recent wave of cyber attacks serves as a stark reminder of the importance of robust security measures in safeguarding your cryptocurrency holdings. Keep a close eye on your digital assets and stay informed about potential threats to minimize the risk of falling victim to malicious actors in the ever-evolving crypto landscape.
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