Crypto Hacks May be Due to “Duct Tape” Code
A recent report by SlowMist, a blockchain security firm, estimated that the total losses from the ten largest crypto hacks in 2023 exceeded $1 billion. Among these hacks were incidents involving entities connected to Tron founder Justin Sun, which resulted in a loss of over 20% of funds. Meanwhile, security companies are rushing to address new threats on Solana.
One of the largest hacks was the breach at Mixin, a decentralized digital asset management organization, which led to significant losses. Another major hack targeted Euler Finance, a decentralized finance lending protocol, resulting in the theft of $197 million.
The Poloniex exchange, purchased by Justin Sun, experienced the third-largest loss of $130 million. A report from The Verge in 2022 alleged that Poloniex’s software consisted of “duct tape” code.
Solana Hacks Warrant Caution Amid Growth
The Solana developer report revealed that more than 50% of developers remained on the network in 2023. However, with the recent growth of Solana, sophisticated scams have emerged. Hackers have attempted to deceive Solana users by mimicking genuine Solana wallets and persuading them to sign transactions. To combat this, BlockAid, a Web3 fraud protection company, has called for developer cooperation to ensure user safety.
A deepfake video featuring Anatoly Yakovenko, co-founder of Solana, offering free giveaways was recently taken down by YouTube. This type of scam takes advantage of the AI boom and tricks users. Scams like these are proliferating and can be challenging to combat.
Hot Take: Protecting Against Crypto Hacks and Scams
With the increasing number of crypto hacks and scams, it is crucial to remain cautious and take steps to protect your funds. Ensure that you are using secure platforms and wallets, and be wary of any suspicious offers or requests for personal information. Stay informed about the latest security threats in the crypto space and verify information independently before making any decisions. By staying vigilant and following best practices, you can mitigate the risk of falling victim to hacks and scams.
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