Saturday, June 22, 2024

Crypto Hacks Lead to Over $30 Billion in Losses Across 1,100 Exploits, Reveals Security Firm SlowMist

Crypto Hack Losses Surpass $30 Billion: SlowMist Reveals Startling Figures.

According to SlowMist, a reputable blockchain security firm, the total losses resulting from crypto hacks have now exceeded a staggering $30 billion. These losses have been amassed through a staggering 1,101 hacking incidents dating back to January 2012.

Expressing concern over these alarming statistics, SlowMist emphasizes the urgent need for both projects and users to prioritize security within the blockchain technology landscape.

In recent developments, two distinct crypto projects fell victim to significant exploits this week alone. One instance involved a hacker employing forged proofs to execute withdrawal operations on cross-chain bridge contracts within the decentralized finance (DeFi) cross-chain protocol, Poly Network. BlockSec, a blockchain security infrastructure firm, estimates that the hacker profited around $5.3 million worth of Ethereum (ETH).

In another incident on Thursday, a hacker exploited the bridging platform Multichain and managed to withdraw approximately $126 million worth of tokens from the Multichain bridge operating on the Fantom (FTM) network.

Chainalysis, a market intelligence firm, highlights that DeFi protocols have become primary targets for crypto hacking, accounting for over 82% of the total stolen funds amounting to $3.1 billion last year. Notably, cross-chain bridges within the DeFi space represent a significant portion, comprising 64% of the $3.1 billion total. These bridges serve the purpose of facilitating transfers of crypto assets between different blockchain networks.

Read Also: Gemini, US Crypto Exchange, Sues DCG Over Gemini Earn Dispute

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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