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Заголовок Crypto Catastrophe: Nearly $600 Million Vanishes in Q2 Hacks and Scams
Дата 20240628

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Crypto Catastrophe: Nearly $600 Million Vanishes in Q2 Hacks and Scams

Crypto Catastrophe: Nearly $600 Million Vanishes in Q2 Hacks and Scams

by Samuel Edyme

2 mins ago

in Crypto News

0

The cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта space faced a turbulent second quarter, with roughly
$572.68 million lost to hacks and scams, marking a significant increase from
previous periods.

This loss surge represents a 70.3% rise from the first quarter and an alarming
112% increase year-over-year, illustrating a growing trend in digital asset
vulnerability .

Related Reading: Crypto Queen Wanted: US Raises Reward To $5 Million For
OneCoin Mastermind

Analyzing Major Incidents And Security Failures

Data from the web3 bug bounty and security services platform Immunefi paints a
grim picture of the current state of crypto security , emphasizing the urgent
need for enhanced protective measures across the industry.

Notably, centralized finance (CeFi) platforms bore the brunt of these attacks,
accounting for 70% of the total losses. This shift indicates a troubling trend
as attackers increasingly target these institutions over decentralized finance
(DeFi) networks, which were previously more affected.

The largest incidents included a $305 million exploit of the Japanese
cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта trading platform DMM Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin and a $55 million theft from the
Turkish crypto exchange BtcTurk.

Major hacks in Q2. Source: Immunefi

Furthermore, May emerged as the most challenging month of the quarter,
witnessing the highest losses at $358.5 million. Despite these substantial
financial damages, there were minor victories , such as the recovery of $28.7
million, which accounted for only 5% of the total stolen in Q2.

These recoveries occurred across four notable exploits: Bloom, ALEX Lab, Gala
Games, and YOLO Games. Mitchell Amador, founder and CEO of Immunefi,
highlighted the devastating impact of infrastructure
compromises, noting that such breaches could lead to significant financial
losses, especially when CeFi infrastructure is involved.

The predominant loss mode was via hacks, representing 98.5% of the total
financial damages across 53 incidents. In contrast, fraud, scams, and rug
pulls accounted for a mere 1.5% of the losses but occurred in 19 incidents.

This disparity points to the technical complexity and scale of hacks compared
to traditional deceitful practices within the crypto sector.

Targeted Networks And Emerging Threats

Ethereum and BNB Chain were the most targeted networks during the quarter,
continuing the trend from Q1. Ethereum experienced the highest number of
individual attacks, with 34 incidents accounting for 46.6% of the total losses
on chains, followed by BNB Chain with 18 incidents. Losses by chain. | Source:
Immunefi

This targeted aggression towards prominent networks highlights the need for
ongoing vigilance and enhanced security protocols within these ecosystems.

Related Reading: April Marks A Record Low In Crypto Hacks And Scams: A Sign Of
Strengthening Security?

In addition to these direct financial threats, the rise of deep fake
technology presents a new frontier• Архитектура » Архитектура по странам » Архитектура США » Здания и Сооружения США » Казино США » Казино Лас-Вегаса » New Frontier (гостиница и казино)

• Архитектура » Архитектура по странам » Архитектура США » Здания и Сооружения США » Гостиницы США » Гостиницы Лас-Вегаса » New Frontier (гостиница и казино)

• Архитектура » Архитектура США » Здания и Сооружения США » Казино США » Казино Лас-Вегаса » New Frontier (гостиница и казино)

• Архитектура » Архитектура США » Здания и Сооружения США » Гостиницы США » Гостиницы Лас-Вегаса » New Frontier (гостиница и казино)

• Отдых, развлечения » Азартная игра » Игры в Казино » Казино США » Казино Лас-Вегаса » New Frontier (гостиница и казино)
in crypto-related scams. Bitget Research
has recently projected that losses due to deep fake scams could soar to over
$25 billion by 2024.

Have you ever been caught up in a crypto deepfake scam?

Bitget Research just released a report highlighting that Deepfakes may reach
70% of crypto crimes in two years and annual losses caused by crypto deepfakes
may reach $25.13 billion by the end of 2024. pic.twitter.com/xnwj7xFLOy

— Bitget (@bitgetglobal) June 27, 2024

These sophisticated schemes often utilize fake projects, phishing attacks, and
Ponzi schemes, exploiting deep fake technology to create an illusion of
credibility and mislead investors. The global digital currency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта market cap
value on the 1-day chart. Source: Crypto TOTAL Market Cap on TradingView.com

Featured image created with DALL-E, Chart from TradingView

============= Итог: 1,9990 ; Экономика#Финансы#Платежные средства#Платежные системы интернета #Криптовалюта#Bitcoin 1,3550 ; Архитектура#Архитектура по странам#Архитектура США #Здания и Сооружения США#Казино США#Казино Лас-Вегаса #New Frontier (гостиница и казино)


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